Quote from @Srikanth Kumar: Hi Everyone,I’m relatively new to long-distance investing and am exploring the purchase of multifamily properties in Cleveland.

It’s quite appealing as a long term investment - even at today’s rates.

Outline a clear exit strategy to meet your long-term goal of retaining the property for cash flow.Work with a CPA to ensure tax efficiency, particularly around depreciation, capital gains, and partnership income.

Personally, I advocate for a long-term investment strategy and would recommend investing the funds, provided you are comfortable with the expected return on investment over time.

would get estimates and see how long to recover the money and your long term plan for the property

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

We're now up to $1,900/mo and the current tenant wanted to sign a full year lease so it's a furnished long term rental for the moment.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

I have contacts for long and short term managers in the Tampa/ St Pete/ Lakeland area. 

If the land is included with the mobile home, there are DSCR lenders that will be willing to lend up to 70% LTV as long as it is not a rural area.