In many parts of town we are extremely low on inventory in the sub $250k range, so even if lay offs happen it will take some time for the market to even up.

You need to get everything out of there and try to eliminate the smell, but you'd only need to gut in very extreme situations.Good luck!

B&B's are extremely operator driven especially if you have an F&B component.  

The point I am making is if you are new to construction/renovating property you may find it difficult to renovate a MFR and you will find it extremely difficult to renovate a unit if there are tenants in place.What is your expected profit margin for your live in fix & flip?

Before:Later:After:This house is extremely well insulated with 2'' of exterior foam board under the siding and an air sealed and insulated attic.

I'd love to provide a ton of info on this but @Engelo Rumora  really covered the major points.Lots of midwest cities are stable economies and population centers and extremely high rent prices compared to acquisition costs.

Offering relocation assistance is great but 25k is extremely high.

While the deals are slim, they come from time to time but qualifying for the purchase is extremely difficult without having tenants in place. 

The podcasts themselves are extremely helpful as well.

It is his preference to go to the extreme that he does.Right now his focus is baseball which is probably his best financial move.