We are from there originally and travel to the area to see family and the explosion of the number of people traveling to the Hocking Hills has made it the 3rd most visited place in the state of Ohio behind Cedar Point, Kings Island. 

Heating costs go up in winter, as does electricity due to the reduced natural light and more people indoors.

Thank you James, you’re right, it’s so much easier dealing with the right people who as you stated, shoot you straight!

Also looking for feedback from people that don't work for BiggerPockets or are biased :)

The challenge with unsafe areas is (1) potentially higher cost of maintenance such as broken windows, etc. and (2) this is by no means meant to be discriminatory but anecdotally from people I've spoken to the challenging tenants tend to be at the lower price points.

Is this how most people do it? 

Ohio is a popular market for people in your situation. 

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

There are plenty of people looking to deploy cash into real estate but don’t have the knowledge or bandwidth to run a successful flip or BRRRR.

And the split is whatever you decide on. 50/50 is what a lot of people usually do.