@Andrew JohnsonThe mitigating circumstance here would be that those types of buildings aren't readily available for purchase anywhere near me.  

If he is high risk, charge an upfront risk mitigation fee.

Anyway, deals are definitely out there, you just need to know what you're doing to mitigate your risk!

I'm no financial advisor, so I follow some of the best.Below is the makeup of Ray Dalio's All-Weather Fund to mitigate risk. 

., but this can be mitigated by giving you more opportunities.

that's the best route.. also cost of living is only cheaper basically in one area cost of real estate.. food is food insurance is insurance taxs are taxs and taxs in Cleveland are probably higher than Denver.. and in the high end of Cleveland real estate the tax's you pay for a home may mitigate the idea of its cheaperAnyway good luck with the move.. and oh nice gamble in Denver you know appreciation is gambling on this site but someone has to get it  LOL

For the larger complex you can mitigate your tenants by the volume and how little effect that a few people will have every month.

This will require a credit pull (good credit), required inspections (termite, perhaps wood destroying organism, perhaps wind mitigation), and most importantly a good insurance policy (those inspections must pass, and all safety issues corrected...no holes in walls or floors, siding on, good roof, passable electric system...no Federal Pacific panels).  

Then the rent generated as profit to the LLC is mitigated by depreciation.  

The tenants could sue the LL for prepaid rent and the judge is going to say to the LL "tell me what you did to mitigate your damages"?