When investing remote, I like to first look at the job market - Is it strong, diverse and low unemployment?

Use Zillow to search, their filter features should help you identify inventory levels for the type of asset you are looking for. 

According to this https://mn.gov/deed/data/current-econ-highlights/state-national-employment.jsp MN May’s unemployment rate was only 9.9% and you are protecting entire 100% of the tenants?

Of course you will see some pricing correction with the large amounts of unemployed and mortgage forbearances.

You're not alone in recognizing the attractive features of the midwest.

The unemployment is temporary for most. 

Seriously,  as 2008 demonstrated after the fall of Lehman, the government is going to act as the consumer of last resort to prevent a deflationary spiral even if the economy shows massive unemployment. 

My thoughts are to hold off for 6-18 months to see what the repercussions of Covid and subsequent unemployment look like.

It will be unemployment.

Lenders are generally more cautious about potential tenants not being able to pay rent in this high unemployment environment.