It is completely legal--as long as you're compliant with applicable laws, including securities laws ;) In terms of how to be compliant, it depends on what you're doing, how you want to market, and who you want to take on as an investor.

The new project could qualify if you plan on a major rehab, but I would recommend setting up an OZ-compliant structure before the purchase.

Also if the property was grandfathered in or at a compliant elevation once the survey was done and a certificate issued then the flood insurance could be under 1k but it had the potential to be very very expensive (many thousands) or as previously mentioned even uninsurable  Zone and Floodway AE had roughly 26% or 1 in 4 chance of flooding over the lifetime of the mortgage  I walked away from the deal and informed the seller so she is prepared for the next buyer. 

However you pay your investors back is a separate issue and if you are pooling money together to lend the $ you will need to determine if your a reg D or reg A and how to handle that.You will also need to get lender licenses in the states and have a compliance department as well as make sure you are fully Dodd frank compliant.

I am looking for an ohio compliant wholesale contract.

There are for or five steps going down into the basement with a motorized chair lift thingy, so it should be ADA compliant. 

10/1 ARM, non-compliant in-house loan with local bank.

Once I decided to move in I refinanced under a 10/1 ARM, in house, non-compliant loan (because other banks required a 6 month seasoning period since the LLC was solely owned by me).

ADA compliant?

( I’ve had good luck playing that card showing the owner the cost get the complex in compliance or buying contingent on it being compliant)-expenses seem a little light if it really is a somewhat run down property in a bad area ( depending on your investment strategy these properties tend provide better cash flow to somewhat compensate for the lack in appreciation)-are tenants paying utilities?