This way you're able to utilize conventional loans, each of you are allowed 10 of those.

Once stabilized, you can refinance out of the hard money loan into something more conventional.

Just wanted to add the MidAtlantic Summit convention @Dave Van Horn and his team hosted last year was top notch with the next one planned for October 2019. 

If I am in your shoes I would buy 2-4 units, get a conventional loan, ask the sellers to pay for the max contribution (3%) towards closing costs.

The loan info (hard money for acquisition; conventional for refi) is from actual conversations or emails with lenders. 

We have one rental property now in our home state (Colorado).... and our purchase in Ohio will be with a conventional loan.So it's sounding like we will do this purchase without an LLC formation... it doesn't make sense right now.As we build a portfolio, it may make more sense to do so, but it's sounding like -- from advice here -- it may not be necessary (or be of much use tax-wise).Thank you!

@Brandon MorganTo buy your second property sooner, consider conventional loans with a 5-20% down payment, house hacking with an ADU, Home Equity Line of Credit, or cash-out refinance.

ect ect TALK to you county commissioner and/or one of the zoning heads about your intents (talk them to lunch, visit their office, give them flowers lol, just anything to get the county on your side)2.

I would suggest you talk to a mortgage broker or a bank though - if those homes are zoned commercial you will probably have a hard time getting an FHA or low down Conventional mortgage.

Conventional financing would be difficult as they typically require 12 months seasoning to use the newly appraised value.