It basically provides all the risk factors, operating agreement, and subscription agreement.

This is where the real estate professional designation comes in -- if you are designated as a real estate professional by the IRS, you can use depreciation to take a larger loss than you would be able to if you didn't have real estate professional status.See this for details: https://www.irs.gov/pub/irs-pdf/p925.pdf

Im guessing not much since it is a newer home.Also, be sure you are factoring in a vacancy rate (whatever the area's rate is).

We are in out late forties so need to factor that in while investing .The multifamily option does sound interesting.

However, people are still making money in real estate all across the country; regardless of what the cost of a property is or the state roadblocks.You just have to factor that into your analysis of whether or not you should do the deal.

(I believe anyway) My partner and I are potentially factoring in the minor refit costs into the Private loan or alternatively, can't we have that put into the mortgage arrangement with the 203k refit clause?

Originally I’m from northern VA but moved to Cincinnati about six years ago for my career as a design engineer in the aerospace industry.

I have a design background so I'll be more than ready to get to work on the rehab. 

CAP is the yearly return on a cash purchase, interest is factored over the life of the loan.

Your escrow will be returned to you (assuming no unusual factors) if your financing falls through or if you exercise your right to cancel the contract "for any reason" based on your home inspection.