Trying to make this as structured and organized as possible.Thank you.

He bought his first couple houses in the first year or two and didn’t buy much for a few years.

Report it to the credit bureau as a loss - and they won't be driving a new car, getting a new phone, renting/buying home until they settle with you. 

Some buy to park money, others do 1031 exchanges or they simply buy them for a tax write-off. 

That being said, I don't have the information I would need to say for certain, but that sounds as if that's a high price for the asset you're considering to buy.

I am about to buy my first property in Ohio and I would like to gain as much information as I can in regards to the different legal issues of which I can face in Ohio.

Quote from @Sri Reddy: I am a newbie to real estate investing and looking for guidance from the teams here to understand the sources from where we can find any small retail spaces to buy.

My husband is a contractor which gives us a leg up in flipping, but we are also curious about diversifying and buying rentals.

Make sure you buy it low enough to make it worth the trouble.

Investment Info:Single-family residence buy & hold investment.