What would you recommend?

I definitely don't recommend renting to a friend.

These are usually from personal connections we have made through the years and the investors usually want proof of experience to participate in any deals.Can you recommend any lenders in particular for SBLOC product?

Any recommendations of a good realtor who understands the needs of an out-of-state investor who works the Lorain area of OH would greatly be appreciated.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I'm sure you have a great read on your local market but I'd recommend refraining from pretending to be an expert on a market you clearly know little about.Good luck!

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Provide copies to all parties involved.This project-specific agreement works well for one-time jobs, but if you plan to work with subcontractors regularly, I highly recommend having an attorney draft a Master Services Agreement (MSA) for your business.

Any recommendations for starting strong would be appreciated. 

I'd recommend starting with the lower hanging fruit than a large basement reno - if your comps are close but don't quite get you to your number.Finishing the basement (with proper egress) could push you over the top, but confirm with an appraiser first to ensure it counts.