Every loan and bank will have its associated fees and cost as its the price to do business but if you see more leverage in tapping into existing equity that could very well be the case.

Although certain defenses do exist including, insofar as is relevant here, unreasonable hardship, " 'the court's discretion to grant or deny specific performance of a contract for the sale of realty is not unlimited; unless the court finds that granting a decree of specific performance would be a drastic or harsh remedy, or work injustice, the court must direct specific performance' " (id., quoting 91 NY Jur 2d, Real Property Sales and Exchanges § 204).

There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

I’m slowly learning how to identify soil types but like you said….we can’t afford to be wrong right now  jurisdictions are different all over the US.. many still just use perk tests  others do the soil samples so you just have to deal with your current area and regulations.

I recently added a half bathroom to existing footage in a unit that is valued over $1k/ft that the comps showed the half bathroom added ~$50k of value.- not sure of your home market but i assume you are choosing ohio for its lower cost.  

Distributions from a regulation d fund like this should be treated as passive income and therefore not be exposed to self-employment tax.

If your parents do not have experience and you are eager to learn, you should come up with a strategy with your parents so that you can start managing the existing portfolio and finding a way to grow it.First and foremost I would maximize the property as much as possible now.How well is it maintained - any deferred maintenance? 

You need to check if the lease you created complies with any regulations of the area you’re in.  

Quote from @Jonathan Greene: What are you looking to do in 2025 to grow, regulate, or downsize your portfolio?

Curtain rods no longer exist.