Just the basics but what did I miss?   

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

They can basically just sit by the fire and wait.

I have no idea whether these are or are not allowed in OH as I don't lend there, but a loan with a 2 or 3 year prepayment penalty would likely have lower points and fees because you are basically paying that penalty up front as a fee in this loan.

market is too small and its all cash and carry basically. 

I am considering doing this deal with no agents on either side to save money (savings the seller would pass on to me) - my buyers agent actually suggested that when I explained the situation to her and that I really only needed basic transactional help. 

I know these are basic rental type things but I with a full time job and young kids and my own primary home that needs a lot of attention it just all feels like a huge strain to do anything at all for the rentals.BUT, we have great interest rates on the mortgages, really good tenants, and the rentals won't always break even-- they will go up in value and in rent.

If say the income of a property (basically rent to value ratio) is high, in comparison to market value, then you'd pay more tax accordingly, no?  

I really liked what I saw and from some basic research, the housing/tenant laws seem to favor the landlord (unlike NYC).

I would be much more apt to invest in this type of deal, if you are truly a second, recorded lien position with a fixed interest rate and a capped upside upon any capital event.And finally, there is all the basic underwriting needs which will vary deal by deal.