So, a house that would typically cost $100 per sq. ft. to build 5 years ago, is now costing $200 per sq. ft. 

We typically alter our strategy seasonally, as demand shifts with the seasons.

typically no special license is needed when doing it for hard money loans that I am aware of. there may be states like california and nevada that are tricky where lenders need a license of some sort but for most part brokers i have seen are not licensed. 14 or 15 states require state license and NMLS registration.

if so does anyone know how much is the typically LTV you can takeout?   

@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful: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?

Looks like there is one program that has not closed yet in Ohio, maybe not the right county, but I would call anyway, they typically know who else could help.https://nlihc.org/rental-assistance?

What expenses do tenants typically pay for? 

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

Typically with houses of this age - you'll need structural folks to dig and install piers into the soil.

Typically, the same applies to LLCs where you and your spouse are sole members (single or multiple member LLC).