It also has a lot of bars, restaurants and other things that draw crowds to the city.The $6.0 million USD restoration project was done by the building's owner, the Great Lakes Center Foundation.Reaching out to them for more guidance (and strategy, as well as potential pit falls) on this might be beneficial.And calling the general contractor (ask the owner who it was) to discuss any unique problems they faced on this restoration might also be intelligent.If you ask (offer to pay) they might also be able to provide you with preliminary guidance on construction budgets as well as contractors lists, and vendors lists (if you think having them would help your efforts, feasibility, etc...).Another phone call might be to the Architect to get his thoughts on this.Contacting these people would be beneficial because they have successful experience on doing what you want to do in a similar sized city, within driving distance of Ontario. 1)  http://bay-journal.com/sfp/pmrr/index.html2)  http://bay-journal.com/sfp/pmrr/pictorial.html3)  https://www.gogreat.com/cities/bay-city/events/4)  http://www.bayfoundation.org/who-we-are/pere-marquette-depot5) This should bring up articles about the Train station Restoration from the Michigan Newspaper (mlive.com): https://www.google.com/search?

You are banking personal preferences, comfortability, commute time, and these things you may need to find no matter the cycle of the market.

I would read both long distance real estate investing by David Greene and Set for life by Scott Trench.

First read "Long Distance Real Estate Investing by David Greene".

We are still researching options: pros and cons of foreclosures, who to work with, how much to bite off with a fixer-upper, distance rental property in removed states etc.Would appreciate any and all advice.

But what about the flip side, an 18 month slog of distancing and closures? 

Hope everyone is staying safe and practicing social distancing :).I've been reading the posts of how the current pandemic is affecting everyone.

She is in your rearview mirror gaining more distance every moment, AND she has alerted her friends not to rent from you!!

Figuring out where to live, what you'll be doing professionally, and then trying to throw in long distance real estate investing may be an uphill challenge.The ability to get in the trenches of a local market during times like these to be able to see where value is going, stay abreast of political changes, news, developments, business closings/openings, etc, is in my opinion very helpful.

We wanted 3 bedrooms, pet friendly, close to the mountain resort and nightlife, walking distance if available, and the unit had to have a strong HOA, need a lot of work - so we could negotiate the price down and add value - and be in a prime location for future development.