Have read all comments and suggestions although on a Monday morning difficult to reach 1st, local city offices and state representative and senator from my district. 

A little about me; Mid 30's, a couple of graduate degrees, newly engaged, no children (yet), own a home in Rockland County NY, volunteer firefighter in my district, and 3 lots (unimproved) near the gulf coast of FL.

I also know there's plenty of redevelopment happening in Garment District and Crossroads.

In my area 150k would get you a down payment on 2-3 single family homes in B/B+ neighborhoods with good school districts. 

He has a 20 unit (LSU), 22 unit (LSU), 56 unit (Sherwood), and a 4 unit (Garden district).

  -  There are two different historical districts which have different levels of standards. 

Seller is asking 235k for it and its in a nice area with a good school district. 3br+2b rents for $875, 1br+1b rents for $595 for a long tenant who's has been there for a long time, and a 1br+1br for $650.

Cleveland is more driven by school districts, niche neighborhoods with older eclectic homes, and proximity to commercial establishments.

We have some historical districts that have always done well but there are some fringe areas surrounding these districts that have really taken off but still contain opportunities for massive cash returns.  

Hi Paul,More paperwork and tax situation will be more complex if you form the LLC in VA or Delaware, but then collect revenue from a source within the District, as it would be considered a "foreign entity" which also needs to be registered with the city.