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I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there.

This is your chance to pick a state with no income tax if you wish to avoid that in the future.

Being a KC guy I help a lot of Californai people invest here in multifamily and they come here for cash flow, landlord friendly laws, tenant laws, no rent control, lower property taxes, protection from style of governing.Hope that helps! 

No, we do not have the freedom to do so.

No, you don't want or need either of those.

The property has been vacant for awhile, and any searches I do brings me back to the damaged/vacant property and no additional info. 

You need to read the rest of the lease and be sure there are no contradiction though if you do it that way. 

Instead of the cash flow you see on paper, you’re looking at high vacancy, high maintenance and no cash flow.

With its proximity to NYC, numerous public transportation options, and overall vibe and attraction, it is no wonder why the popularity has been reflected in the buy-and-hold rental market.