I’m just a moderately successful multifamily operator and flipper with an idea.

Has anyone tried to operate a business on a plot of land with minimal development until it builds revenue for a structure (flea-market, private park, outdoor event venue, etc)?

Mine is R1, so I need to figure something out.

We will have a partnership and operating agreement set up.

I was thinking of doing Airbnb arbitrage in Cincinnati but discovered that there is a restriction that the STR operator has to live within 50 miles of the property.

I successfully operate a small portfolio (3 duplexes and three single families) out of state and a good  property manager is essential. 

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

That is just a one off report so before you spend a buck fiddy, it is a good idea to visit a couple TK operators in person first.

The main reason is other buyers who are better able to pin down operating costs will either outbid you because they have their costs right, or you'll outbid them because you have your costs wrong. 

That ends up leaving a void that's filled by unprofessional, and in some cases outright criminal operations there in the PM space.