Matt, any strategy can be smart or a good idea as long as you understand and are ok with the risks.Going out of state is higher risk than staying in your local market.

I dropped the rental rate last week and it is now below market rate but there are currently lots of active rentals on the market.

I completely agree with your last sentence.

I plan on renting out my investment property in Cleveland, Ohio as a long term rental.

Hey @Joseph Beilke - To be honest, I just gave up drinking not too long and feel amazing! 

After 45 + years investing in, purchasing and selling notes and real property; structuring “deals”, running investment funds and syndications, I have observed that many (most) investors both hesitate too long gathering too much information before making an offer AND do not do enough investigation, analysis and due diligence before they finalize a purchase.Seems like opposites, right?  

I compared the ALTA to a family member's sale last year and saw about a $1400 difference.

If you have solid buyers who are true capitalists, they won't mind how big your assignment fee is, as long as the numbers work for them. 

Switching to a LTR would be the last thing I would do if a situation like that were to resurface.

My plan was to either sell it if it had appreciated enough or to rent it out as a long term rental.