One of my concern is the fact that he is sometimes irresponsible and may potentially waste the money you give him. 

Thanks for addressing my concerns!

Just a quick tip to avoid concerns down the way: rule 506(c) allows for general solicitation, 506(b) does not.

Hopefully someone else will be able to address that.

Your renter's mindset should concern you and isn't natural for the most part.

I was more concerned with unpaid taxes, water bills, gas bills, etc.

However, I’m also concerned that helo wont have tax deductable interest.

One concern I have is the tenant turn over process and how best to handle the inspection (security deposit), cleaning, keys management, and potential showings for new tenants.

Be sure that any list that you get has been put through the Post Office's National Change of Address (NCOA).

You can easily set up an LLC in Ohio online through the Secretary of State for $99, however your Resident Agent must be located in the state of Ohio, which means they have to have a valid physical address in the state.