And before you object: yes you can buy it, but it is VERY expensive, both in restaurants and grocery stores. 

Rates are higher, requirements for down payment are higher.If 50%+ of the sqft of the property is for the apartments then it should be easier to fund. 

The revenue after expenses (including mortgage, taxes, airbnb fees, etc) was significantly higher than with long term renting. 

The income and expenses will always be tied to you bc the mortgage is in your name. 

I personally don't like investing in these cities because of the landlord registration requirements and occupancy inspections landlords are subject to.

In Chicago, while it's not legally required for renters to have insurance, many landlords prefer it in the lease agreement.

We make the tenant pay all moving expenses for a holding agreement prior to ordering inspections and completing their list.

That could be a way to at least make some $ from it while you're basically required to hold it. $600/yr in taxes seems like a low amount for a developer to not want to pay in order to acquire an extra plot of land that would enhance their space lol. 

The only permit requirement is for sewage treatment.  

And that might require increased furnishings spend.