You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Fairlawn is a bit more expensive and there's really low inventory in that area but Cuyahoga Falls is also a nicer suburb in Akron that does really good with rentals.  

Private money may be cheaper, but may be more expensive if they are doing something that most hard money lenders wont do. 

I'd look at the closing docs for something related to the pro-ration of expenses etc and see if you have anything there that could be a clause you point to for them to cover those payments. 

The property will cash flow $500/mo or more after all expenses and cap ex reserves, as well as the payment on the SBLOC.

No longer can buyers underwrite to $1,000/unit payroll and $250/unit insurance expense. 

From there, adding discipline will get you to where you want.Instead what you're doing is advertising you have money, no knowledge and are going to have the average BP RE agent(bottom of the barrel quality) come here to promote their services with no regard. 

What is the average house renovation cost in this area and which areas do you recommend?

There are some benefits to having an LLC on reduced liability, but there are more expenses.