I think KCMO is considered a landlord-friendly location.A professional property manager can significantly improve an investor's life by streamlining operations, maximizing profitability, and reducing stress.

You operate in the Bronx, how it going?

where do you operate? 

The 50% is rather deep a cut, especially with all the additional operational expenses not included into that 50%.

Or is it a situation that the company insuring the property has not obtained appropriate licenses to operate in Ohio, therefore I won’t be covered in case of a disaster?  

Im a medium sized operator - 46 units- and my typical deal has an ARV from 200 to 230 when its finished.

You also have to build in holding costs, investor capital, operating costs etc.

You actually met the guy in person and saw his office/operations?

Your best bet would be to connect with local operators and ask them.

You'll also want to make sure you look into a good property manager since they'll be your biggest help to stabilize and manage the day to day operations of owning property.