If you factor in closing costs it might be 3 years to start showing your benefits of a refi

I guess this brings up a larger economic/philosophical issue: What happens to these beautiful brick homes and distressed communities when the costs to renovate exceed the current opinion of ARV? 

Not to diminish their importance but aside from the legalities, ethics and complexities involved, if you have actually done subject to's, what are the overwhelming determining factors that would make a property a candidate for a subject to?  

You have tons of military bases all around you oh yes and a beautiful thing called an ocean that people travel from all over the world to come visit.Go take an active look at your local market and get your feet wet.

Could be a motivating factor.

I really think you may want to take another look at Cleveland and reconsider, we are an amazing space:Did you know:CLE - home to the 2016 Republican National ConventionCLE - Superman was created hereCLE - Cleveland Clinic #1 Heart Surgery Center in the WorldCLE - Over a dizen Fortune 500 CompaniesCLE - Second largest theatre district in the CountryCLE - Epicenter for BioMed Research & DevelopmentCLE - A great place for the WHOLE family/CLE - A great place for investing come check out the beautiful things CLE has.

I recently married my beautiful wife, Haley, and we are currently in an apartment with our 2 big dogs.

What about best way to get beautiful result without spending too much for investor?

Regardless you have money or not, I think one of the most important factor to be a successful RE investor (or having your own business) is networking.  

Currency conversion dynamics can be a huge factor in foreign investment, one I had largely overlooked.Yes, that exchange rate does takes a big bite, but that's possibly where owner financing could be beneficial.