It's crucial to note that the STR market is not collapsing; rather, it is going through a natural evolution. 

When I imagine how I'd start out, naturally, I am thinking about acquiring a local property - probably a single family home because the multi-family units are out of my price range (for now). 

You're doing the right thing by getting your feet wet with wholesaling, let that flip come naturally don't feel like you have to force it to happen because that's a whole nother ballgame.

Human nature.

I like the idea of it being a very Red state, nature activities all year round and I think that areas like this are scare and will continue to appreciate if they continue to keep their beauty and policies. 

This is not the first time I have heard of issues of this nature as many of the investment clubs I am in are seeing GP's stopping the issuance of dividends and performing cash calls.Lastly, if you are a single family investor and thinking - who cares this is commercial, recognize commercial real estate has a significant impact on residential real estate since it will lead to banks being more strict on lending and a drop in rental rates on MF will make its way to residential. 

How do I account for the expenses that are general in nature, as opposed to for one particular property?

For instance, a claim filed under a federally declared natural disaster is most likely looked at very differently than a claim for a leaky pipe. 

There's low barrier to entry in terms of effort required to purchase stock and naturally more people are going to do it. 

Or Ohio Dept of Natural Resources may have guidelines about setbacks, etc?