Before pulling the trigger on this, read up on prohibited transactions.

.- Buy a multi-family home - I've seen some for as low as $250k, but I'm sure there will be different deals by the time I'm ready to pull the trigger.- Take out an FHA loan for 3.5%.

What a great analogy lol Not decided on that strategy, just researching about that specific one.The main reason was because a land trust can be a co signee on a conventional loan and can help with transferring the conventional loan to an LLC later one without triggering the due on sale clause

But once we went through the process of this revision to approved action, it triggered HCD to get involved since it’s in their jurisdiction since it’s a “special occupancy park”.

I would recommend start going to see properties about 6 months before you are ready to pull the trigger, maybe starting with open housesand finally....

Any advice from seasoned investors would be appreciated on pulling the trigger on the first investment property.  

Transferring your Ohio rental property into an LLC after closing could trigger a due-on-sale clause with your lender, as moving the property from personal ownership to an LLC is often seen as a change of ownership.

Were you successful in setting up this structure and keeping the loan without triggering a due on sale clause?

As someone who just pulled the trigger a few months ago I decided to go with turnkey to mitigate my risk.

You can transfer the rental to an LLC after the purchase, though this may trigger the due-on-sale clause, so check with your lender.This post does not create a CPA-Client relationship.