Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify. 

Which governing body determines these requirements?

If you are using a loan, well there is simply no inventory in Cleveland.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I'm not satisfied with not filing the rental in an LLC simply because it's more simple and might cost me an additional filing fee .

So, I also require that :Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45%This is similar to how mortgage qualifications work by considering the applicants' debt loan along with their housing cost in relation to their income.

If you want to combine two or more lesser sales into one higher purchase that is fine as long as your purchase meets the timing requirements for each sale.  

Permit eligibility is based on region (usually the west side of town) and density (quantity of surrounding STR's in the area) as well as percentage of landscaping and minimum parking requirements. 

While they generated some cash flow, I found the effort required to manage them wasn’t worth the return.

This figure includes allowances for heat, electric and any other utility that the tenat is required to pay and this is deducted from the FMR.