When it comes to your suggestion, I would like to know more on why you strongly feel Columbus is an ideal place to start investing.

I would ask them how they receive leads (ideally you want someone with B2B connections) and the average occupancy of their current MTR portfolio. 

Everything is highly individualistic and there isn’t a “right or wrong”, but what works best for you and your situation. 1) what is your ultimate goal for your ideal investment property?

There will never be a "perfect deal" in my mind, but something that works best for them at that time, and something they have the upmost confidence in is ideal. 

I deal with scenarios like this often.

Positive cash flow would be ideal, but even if you get within a few dollars per month, it will pay off ten fold.

Ideally the lender prefers 1:1 ratio or better in order to get better terms.

interesting to see, a bit different but any market has development that works. we do a similar strategy for new construction but it's based on land location and identification rezoning zones that are ideal for high density in columbus oh, and a product that does very well which we do a triplex on a slab. all the same. 50k for a lot, 300k hard cost build for a stacked 2/1 triplex about 650 sq ft per unit, appraises for $500k approx when done, total return of capital within 12 months (Build, rent, refinance, repeat), and then redo the same process. it's harder to do it in some areas but in columbus we mostly do it in the urban core where density is typically supported because of the abundance of multifamily already. 

Ideally once you move out you should be getting some cash flow but you usually need to raise rents by doing some sort of rehab. 

Like any investment the more control you have on the investment the more you can participate in the outcome of the investment and ideally leverage your expertise in achieving good outcomes.