And how this house is really dirty to damage her physical health.

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. 

If the banker you talk to doesn’t understand real estate investing, they may not give you the loan, regardless of if you’re incorporated.

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

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

It just kept my head down and continued working in corporate America coming into work tired everyday fearful of losing my job in order to take care of her.

My other business is incorporated and has been in business for 17 years but I’m trying to avoid borrowing against one business to start the other.

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...