You should also consider whether you want to sell the improved lot or rent it out as that will have a huge impact on your decision.

Signing good tenants and improving the units What was the outcome?

Don't get caught up in the BP theology of only buying homes with specific specs because some of those specs aren't common in older midwest areas but there's plenty of inventory that makes a good rental, rents fast, and is easy to sell when the time is needed.

Finding the right place within the window for the 1031 exchange could be difficult with current inventory.   

Repairs and improvements included side porch addition + converting/adding addt’l 400 sq ft from garage to rec space @ $60k.

However, this is not to say that you may not trigger inspections from the county that may require you to make certain improvements.

The cash flow is marginal, it needs improvements to be rent ready, and you would be an inexperienced long distance landlord.

Those who see we have improved the place will be happy to sign.

Also, most people don't like the idea of a co-signer, but you can always remove them later once your income has improved.

It's not a cheap date here and inventory is at an all-time historical low.