Hi A potential tenant of mine who looks really good on paper (credit score, income and else) is asking if we can take rhino policy for security deposit ? 

Documentation should include details regarding the business purpose, total use of the property, specific expenditures, business usage, and dates of expenditures and use.In the absence of such documentation, deductions are vulnerable to disallowance, leading to potential penalties and additional tax liabilities.

Check the condition of the property and estimate potential renovation costs.

Out of that $1,200, you could factor in loan buy down and tax benefits in addition to potential appreciation. 

What should we do: wife and I are potentially taking an international rotation to Europe.

I also make sure the potential tenant sends me references from their previous landlords and I end up calling them.

It definitely has potential, but I agree with what @Dan Heuschele said.

Would very much be interested in also seeing potential opportunities in Ohio!

So you will have to weigh the importance of maintaining legal status and potential savings you may get out of a LLC.

If you know where to buy, Philly is a good potential house hack market.