I'd be interested to hear more experienced investors' opinions on this structure.

It sounds like the city ignored a lot of complaints about structural concerns from tenants for years, which is concerning.

Any suggestions To hedge your future tax in Ohio specifically, make sure the entity purchasing the property is structured in accordance with Ohio municipal code 5709.

If any portion of the building or structure is occupied by the taxpayer, the gross rental income from the property must includes the fair rental value of the unit occupied by the taxpayer.IRC 168(e) defines a dwelling unit as “a house or apartment used to provide living accommodations.

It's always best to consult with a real estate attorney to make sure you're structuring the deal correctly.

An architect will be able to answer those questions and perhaps be able to identify other physical and economic obstacles that won't arise when merely approaching this through the lens of whether you can obtain a zoning permit.

They are more sales than solutions IMO.Also be careful regarding the "structural engineer".

@Marty Houghton - Just do a google search for Onerent or call them for more details on their service structure.

Neither of us are agents, but it would certainly be doable to get a license.My question: what kind of fee structure would you be willing to pay to an MTR property manager, or if you are already an MTR property manager, what fees do you charge? 

Don't just look at fee structure, however that's a part of the equation.