Like Detroit, Saint Louis is incredibly "block by block" where one area is experiencing gentrification or at least just a stable middle class feel and that might only be 100 yards away from a street that will be un rentable, un managemeable, and honestly a bad place to get out of your car.  

Happy to share the pros and cons we've experienced over the years.Not sure how much capital you're looking to deploy, but it sounds like it's maybe possible you could potentially get into the small multifamily space. 

I believe that partnering with more experienced investors or finding an agent that works with investors to help dial in your numbers would be a great way to learn to do this.

Regular reconciliation of accounts and maintaining a clear separation between personal and business finances is crucial.

Pushing your wears on an new person who just asked a question is pretty low ball.  

Why is it asking for personal info?

There also could be tax benefits and fringe benefits like personal use.Good luck!

If it was my first, I personally would flip it.

If you have back rent, take the person to court and get a judgement and garnishment of wages. 

I've seen up to 85% LTC for an experienced builder who has done personal projects.