That's not a "net profit" of $550/month because you haven't accounted for vacancy, maintenance, capex, or other expenses.

Then hold contractors accountable.2.

This is because they didn’t budget properly and rent wasn’t high enough to cover actual expenses (repairs and maintenance, cap ex, vacancy and loss, tenant damage and turnovers, etc don’t expect to have any money left over after all of these expenses are accounted for if the rent is less than $1,500/month). 

Typically I would just run it through my name but there are areas of ohio that target out of state owners if its a single family and will send you fines and violations  for every little thing. you also should talk to your attorney and accountant on how it impacts taxes

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

Sponsor takes personally accountability. 

Insurance, bank accounts, credit cards, etc.You are probably making your life more complicated and expensive than it needs to be.

@Jaycee Greene I’ve contacted big banks small local banks and I haven’t quite tried credit unions although I have 2 credit unions for which I have accounts (but my experience is that they aren’t offering that much better terms).

By sending a check, in many states, if the tenant cashes the check they are de facto agreeing with your damage assessment and will have little ground to dispute your accounting.  

Tasty Trade is a brokerage that has allowed IRA LLCs/Trusts to open brokerage accounts.