In all cases I will show the benefit of time on local RE investments (even those purchased at full retail).  

That 4-plex already has a local realtor.

I've been looking at a few other locations 3-4 hours outside of Dallas that have more relaxed or set-in-place regulations.

For 40% of their 36,000 locations, McDonalds owns the land and the building, and leases the property to the franchisee.

Ohio seems landlord friendly, reasonably stable blue-collar economy (I currently own rentals in WY and I'm looking for a new location that also targets 1 bed / 1 bath multifamilies).

Zoning and Land Use: Check with local zoning authorities to verify the property's zoning classification and ensure it aligns with your intended use.

Use very localized market locations to raise your ship.  

With its prime location and striking aesthetic, this transformed property offers unparalleled visibility and appeal.

I was just at a capital raising event in New York City pitching miami and columbus. by far there is more interest in miami for development, land entitlement, etc. you also aren't local so I'd discount what you say by like 80%. even if you are looking at "condo" investments, that's about the poorest way to invest in real estate so I'd say just you looking at that says something about your experience level. 

Thanks @John Clark @Jay Hinrichswould that be the state where the properties are located or the state where they formed the DAO LLC (Wyoming) which holds the paperwork for the partnership?