The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

Beachfront or properties near attractions tend to perform best.Mid-Term Rentals (MTRs): These are gaining traction, especially with traveling nurses and remote workers.

I would just be cautious, as there are some rough neighborhoods in both Akron and Cleveland that seem attractive due to the cash flow but will be money pits after the vandalism and vacancy. 

As I am new to this and looking for cashflow using rentals, one key aspect of this investment is to ensure that the unit rents out quickly and while I do understand that cash flow to begin with might not be attractive, it can be a good investment in the long run if the location is right(as appreciation also kicks in).

It's designed to protect assets in the event of lawsuits, negligence, etc. and it only applies when there is underlying insurance coverage. 

If you want to change the design, then do upon closing.

James, The way you describe contract for deed in your closing sounds very attractive. 

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Not only does it hurt the returns, it is a very attractive target for ambulance-chasing lawyers and title fraud.  

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.