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?  

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

I think some min level of regulation benefits everyone, including wholesalers who currently operate in no man's land. 

Id recommend the single-family rental because you have more control and you don't need to worry about some greedy operator screwing it up 

Sounds he’s not interested in going through the rent up stage and being an operator.

With insurance rates going up, best to find areas with the lowest operating cost.

Cheers.Technically any bank can operate as an IRA custodian but they don’t all do it.  

Talk to other clients, go look at his current job site and see how clean it is, the quality of work, if the order of operations is making sense so far, etc.PS I'm a GC in the Nashville area and can take on a handful of clients in 2025 if you need me.

It should be noted that the cases were prosecuted against companies that owned and sold thousands of properties nationwide, not against small time operators, but anyone who attempts to follow the model is better off hiring a well versed in the subject matter attorney and be aware of state specific restrictions (like in NY, Wisconsin and others) on Deed for Contract agreements.  

We work with experienced operators that have great reputations and are doing multiple deals at a time.