I'm sure there are great, stable areas in Columbus but I'm not convinced the appreciation has been as strong as most would lead you to believe.I don't know much about Cincinnati, but one glance at the median list price over the past 5 years (attached below) would be enough for me to write it off as not appreciating.I'm personally partial to Detroit and that's where I invest and do a lot of business with other folks as well.

The main factor is will rents cover the debt liability and can you sustain 3-4 months of no income to cover the debt? 

I know a broker who spends like 20k - 30k per year in buying leads, paying for blast emails, buying lists of names of investors, etc.I like to meet people on the personal level first, I feel like people are way more responsive if at first I help them by answering questions, or offering advice, provide them with incite, etc.Most people do not know what they are getting into in those first deals, which is why we hear so many nightmare stories. 

typically (as you probably know) you buy something distressed, with either cash or hard money, you fix it up, and then you refinance into long term debt. 

Make a plan that eventually leads to owning property that throws off cash after you purchase it.

This is regardless of having any debt service.  

We have a ongoing list of each along with their fees and what state they are licensed to collect debt in.

I'm afraid if you don't get a handle on it or let them go with a referral it could be detrimental to your business and could quite possibly lead to negative google reviews. 

AI is already impacting lead management in a huge way.

He is securing expensive debt, not debt through a bank, isn't putting any capital into the deal and structuring the equity investment in a highly risky manner without any upside offered to the investor.