And, we’ve done it all as long distance investors from SE Asia where we serve impoverished families in our clinic.

Not investors per se, but more of the people that have rental properties more by accident than design. 

I still suggest you and your borrower se an attorney.

You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, agents' commissions, and depreciation.Do not deduct the value of your own labor or amounts paid for capital investments or capital improvements.The good news of passive investing is no SE tax.

To be able to get approved for a 3 or 5% downpayment, for 3% down it would have to be the first property you have ever purchased and you have to live there for the 5% you can do that once per year, which you also need to "intend" to live there, some are able to skate by the rules per se, and not actually live there if their situation changes after getting the loan.

Cincinnati does not have a rental license per se like some other Ohio communities have.  

This goes to show the opportunities in even the most unknown (well, per se) areas.

I don't think it's a bad deal, per se, but it also isn't one I would be interested in, especially if I'm buying it from someone I don't have any history or track record with.  

The reason behind this is your LLC is a different legal entity than you - so when you represent your LLC you are not representing yourself pro se, you are representing this other entity even if you are the sole member of the LLC.

In the SE this is not the case unless you are very very good at tenant selection, which is more art than recipe.