Plus I like the tangibility of something physical..I'm interested in learning how to structure deals (optimal legal entities, tax implications, risk mitigation), financing options, and have some familiarity with this on a high level (albeit in a corporate and and global context).

Any profit split varies depending if your relative just gives you money or also helps you physically. 

Here is what worries me- 220K- that's just the physical labor.

I would physically visit the property that you may be interested in.

@Rayan Faris, sure, you'd get your loan back, but, that may well be the only thing you get out of it! 

You can easily set up an LLC in Ohio online through the Secretary of State for $99, however your Resident Agent must be located in the state of Ohio, which means they have to have a valid physical address in the state.  

I don’t know that there is a defined policy stating how frequently you have to physically occupy the property or how many nights you ha e to sleep there - maybe you like to go camping a lot, or maybe you travel for work, but you do have to call the place home for a while...

Another way to own a non-Turnkey property , is to consider a Partner that lives in the subject area and is willing to help you physically. 

I have spent some time in South Florida as well, that as well being a destination area.

Most of the time, people just mail to physical addresses.