If you've got a spare couple of million, Australia's a nice place to sink it.

There is a lot of competition but it also is the most visited destination in the us with 80 million travelers and only getting better with the enchantments to Disney. 3rd universal park and speculation of a 5th Disney park at some point.

it shouldn't be as bad as flint as they just received $120 million bond to replace the lead lines for each home owner at no cost to the owner.

I just heard today on the Bigger Pockets podcast that a couple of factors to consider investing in another market are: population growth, population of at least 1 million, rent growth, job growth, etc. so I can see why the media hyping up certain cities would correlate with those factors. 

I assume you've never worked with a property management company before, I run one with a $75 million dollar portfolio in Cleveland, not the one the OP is working with, but as the owner of one of the largest management companies in Cleveland, I have the ability to break this down from a real world perspective.In regards to "firing the PM" it's not that simple.

Liberally, you would need equity of $5 million to generate $75k of annual income, which is a 15% annualized return.

There are mutual funds, index funds, bonds, and a million other ways to make your money make you money “in the market”

You have already far surpassed the millions who want to do it but never will. 

My local market peaked in February at an average house price just above $1 million, as of August it's down to $750k.

I would assume all non-judicial states are going to be either tight or tighter than their judicial counterparts, which means if you want note deals that are neither one in a million nor a needle in a haystack, you’re probably left with judicial states.