I would not buy on a land contract (maybe a piece of land but not a residence) but have owned them in the past (we bought them on secondary market).Way too much risk as the borrower - see the post I made yesterday in the note investing section where a homeowner gave someone a land contract and still sold the house to someone else.

Congratulations @David Shaun - those are awesome numbers, and should hold up with the low liabilities, regardless of market. 

There is a ton of DD to do on a MF property, are you doing an environmental study, a reserve study, analyzing the T-12, market study to show there is room to increase rents (of course every seller states rents are underpriced)... 

Not sure if I'm doing something wrong but the map here used to shaded in terms of the filter selected (i.e. RTP, Unemployment, etc). Did that stop or is not working for me? 

Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process.

Cleveland and Dayton can be great markets for high cash flow and low purchase prices, but you need to be careful when navigating the neighborhoods so you're not buying in a D/F class area where no property managers will manage and where you'll never see any positive cash flow.

Great point about different states and markets having different laws about using evictions as a reason for denial! 

I've attached an image of my proforma based on your report and using a different property in the market.

I am in the Milwaukee market. 

Hopefully we will be managing a handful of other STRs in the same market in the future.