Held it for 2 yrs and sold it for a down payment on a primary resident. 

Where will people be in 5yrs. 10 yrs. 15yrs. 20yrs. ? 

I've only bought, rented (2 yrs), and sold one property.

Columbus is an incredible market (real estate and quality of life)...everyone loves where they live, but it's really exciting to see the growth and expansion of the city here...I wouldn't hesitate to say (besides the weather in the winter ;) Columbus is one of the top 5 cities in the country...my prediction was the population would double 2-yrs ago and everyone laughed...but the city is on track to make it happen.Is there a particular area of the city you'll be focused on?

Seems like we will have to buy the property under our own names then wait 2 yrs to transfer it to a LLC.  

Also, considering his age, his medical expenses can only increase and he may need financial support for the next 10-20 yrs.

Then you have to determine when you are close enough to you 80/20 to worker with a lender and get the appraisal.I refinanced out of first FHA 1.5 yrs after purchase.

I reached out to 2 banks several yrs ago and was told the property had to be appraised of at least 50k...I should have kept trying.

Property vacant 10 Yrs.

This 50-yr old guy wants to be job-free in 5 yrs, and I feel like there are probably tons of opportunities in nearby markets (Northern IL, Milwaukee WI, NW Indiana, SW Michigan, etc....