So far no deals I have found are even close to creating reasonable if any cash flow with 20% down.

A common delay tactic is to call the board of health on a problem the tenant created themselves.

Specifically; rules, regulations and permitting procedure.

When you said  "New Construction" I was assuming, wrongly" that you meant buying a newly constructed home and perhaps thinking you were getting some kind of bargain that created equity. 

@Avani Patel If it hasn't been created yet, if someone were able to do that at the property level, they'd be a gazillion-aire!

Congrats on investing in Ohio, it's a great market to be in, you can still find the 1% rule and tons of amazing appreciation here!

I would not categorically rule out a triplex and/or quad plex though...

Make sure to have clear rules in place.

I feel like they play by more subtle or more aggressive rules that I don't understand quite as easily as simpler markets like Denver and even places like San Francisco.

It might take a large financial institution with capital for “brainpower” and marketing, and financial and reputation strength to design as well as create a trading market for this type of security.