With values on the rise and interest rates expected to go up it could cost you quite a bit to wait to find a perfect deal. 

Unless you expect steep appreciation negative cash flow in investment properties is cash flow prohibitive.

I expect a price drop by December 2018 to July 2019.When 4 to 10 unit multifamilies become easily available for say 150k or less then maybe we will invest in Kalamazoo again.It is a very decent market when priced right but you have to buy at very low prices to compensate for the low rental rates.  

Can always expect minor expenses though.

But the benefit of the increased risk may be that t keeps away other more risk averse investors.

On a side note, if your uncle passed away after age 70 1/2, the IRA can generally be distributed over his life expectancy which will help your father in spreading out the tax payments.

Bank does not respect that, it either expects me to rent it out or sell it before I secure the loan of the second one.

I personally did not expect this result.

For a building like that expect to pay a thousand-a bargain by the way.

In other words, If you find a custodian who only charges $50 for the year, expect to only get $50 worth of service.