This appears to be a misuse of said contingency.

Once things are stable again, then you can educate yourself and focus on how to improve your investments to protect you against this situation in the future.

I'm curious if there are any future plans for this neighborhood beyond developments like the Gravities, Bottoms Up, and other breweries.

@Drew Sygit This is my experience also.

-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine. 

This is also my friend’s childhood home. 

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

This building was built and 1924 and has a lot of old character.

Any suggestions for this flooring?

Things will work out better this time bc I'm a different person, differently positioned.