Walking through, I can see that owner is the type that spares little expense with his own properties. 

This needs to be copied and pasted every time someone in an expensive market asks questions about out of state investing in cheap, stagnant markets.

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

Also, I have learned in all things that are expensive that a good rule of thumb is go SLOW.

A land loan for 'raw' land will require a 50% down payment and high APR as you know.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

Finding a property with the appropriate layout is challenging and expensive.

You prpobably don't care about Ohio, but their requirements might be instructive.You can only file January 1 through March 31.

I found them on line and wondering how was your experience if you ussed them.response would be appreciated If you have questions about to process or what is required please feel free to reach out.

If one partner unconditionally guarantees the debt, this can sometimes require some side room guarantees to that partner to ensure no one recognizes a capital gain.As a few others have alluded to, there is a secondary problem known as a "debt financed distribution interest expense."