I would suggest the client to find another partner with experience or have the builder/GC PG for favorable terms. 

(this is always what I make sure to do with all of my clients)With an FHA loan, it means you would have to owner occupy and live in Columbus Ohio.

Some of my most recent client closings have been a turnkey 3/1 single family house for $120k and $5k in rehab needed and currently rented out for $1550/mo to section 8.

Entity Formation & Legal CostsExpenseLow Estimate ($)High Estimate ($)NotesSPV Formation (LLC or LP)$300$1,500Delaware LLC (~$300), legal service fees varyOperating Agreement$500$2,500Template (~$500) or custom legal workPrivate Placement Memorandum (PPM)$2,500$15,000Off-the-shelf ($2,500) vs. custom legalSecurities Filings (Reg D 506(b) or 506(c))$500$2,500SEC & state Blue Sky filingsAccredited Investor Verification (506(c))$1,500$3,000Performed by third-party verification servicesSubtotal: $5,300 – $24,500

I would suggest a good PM to start if you don't have a solid background in hospitality or at least something in the service industry.Self-managing can save a ton of money if you know what you are doing. 

Anyways, I'm seeing a lot of general speculation on here but people don't invest in these markets because they believe they're the greatest places to live in the world, they're interested in the cash flow and possible appreciation.None of my clients were talking about appreciation in the Cleveland market in 2019 and now their properties are worth 30-40% more, and that's on top of record high rent prices in this market. 

If structured correctly, this could be a strategic first step toward future multifamily investments.This post does not create a CPA-Client relationship.

Is the service much different since Cozy merged with apartments.com?

You also implied that we don't specifically price deals for our clients and the client's "rates and fees will be much higher".

If your AGI exceeds $150K, passive loss limitations apply unless you qualify for Real Estate Professional Status (REPS).This post does not create a CPA-Client relationship.