A partnership vs. disregarded LLC warrants consideration- you face different reporting requirements, limitations, etc. 

Once you go to 7 beds or more there are much stricter facility requirements, including but not limited to, fire suppression systems, added points of egress, Individual Response System, and much stricter staffing ratios. 

While smaller towns in Kentucky often have lower price points, which means less capital is required, there are limitations to the profitability of these markets.

Really asking those who have a limited number of properties.

If they gift it to you it's tax-free (as long as they're under the lifetime gift limit around 14 million) they may have to file a gift return though, but there won't be tax due. 

Happy to run you through the central OH market and why its worth considering, but if your price point is $150K and under you'll be fairly limited in areas you can consider. 

A well-structured deal could allow you to get in with little to no money down while leveraging your construction knowledge to drive profits.Regarding financing strategies, the sky is the limit if you’re willing to be creative.

.$847 in the bank699 Credit Score133% revolving utilization/over the limit maxed out personal credit cardsQuite a bit of other high interest debt/loans borrowed during the first year in business$3,580,000 Appraised Portfolio Valuation$2,139,400 DSCR Mortgage Debt in my LLCs$1,440,600 Equity (Appraised Value-Mortgage debt)8 Remodeled SFRs1 Converted Remodeled Duplex2 SFR Remodels currently in process2 Apartment Buildings - 13/14 units occupiedA little more experience to say the least234 Audible books in my libraryAs I'm sure any experienced investor can gather, having the sizable amount of personal debt as I do, supplier house account payments due, PMLs that need to be paid, etc, not having liquidity/any money in the bank is an ISSUE.

Number one, if you want this in city limits, zoning will probably flat out refuse it. 

When it comes to the 203k, just make sure you have a contractor start date scheduled, and be sure to contact your consultant (if you have one and its not a 203k limited) to get the first draw scheduled.