The lot goes from street to street.

I feel like I've dealt with every time crazy situation there is here in Chicago with squatters, evictions, drug dealers, etc., and I still love Cook County because I have a solid team and underwrite deals properly.I think @Paul De Luca nailed it on the head, though - it seems like you are quite risk-adverse, so maybe given your risk tolerance, it's not the best idea, but if it were me, I would not think twice about it, and find a rock start property manager who knows exactly how to vet tenants.

Would it be a good idea to create an LLC, let's call it "2500 Oak Street LLC" (fictitious new address) then list the new LLC as the owner of the home?

Or just strangers off the street you met at a REI group? 

Check out Second Street (mysecondstreet.com).

The city wants to have "Neighborhood Anchors Points" consisting of Mixed-Use and Retail/commercialVisual of all land bank properties The area I will focus in.A break down of cost to purchase all Land Bank properties on each street. 

We bought a place in Truckee, CA (Tahoe area) across the street from Donner Lake, a few minutes off I-80. 

@Joshua MiddletonI am very familiar with that street, good friend used to rent Long term on it for about 7 years.  

House care, lawn care, condition of cars, street conditions, absence of pay-day loan shops... basically all the things you look for when determining where to live yourself. 

Urban areas can definitely be tough to gauge from a google maps search because environments are street by street, block by block.