Be aware that 5 levels of membership can create divisions within the ownership group because the same investment at any point in time can behave differently for each class of investor, so motivations may not be aligned. 

I think the folks trying to do Airbnb and short term leasing in Cleveland's many Section 8 neighborhoods are out of their minds.

learn about as many strategies as you can then open up a prop stream acct and go to town looking for motivated sellers in Middletown.  

The only other option that comes to mind is to make the improvements and try to achieve favorable rental rates to push the story that 2 BR homes rent for a premium because its unique.

It's possible to find great tenants with thorough screening, but also be mindful if you're considering short-term (e.g., AirBnB) as it will expose your property to bad actors.Law enforcement and the legal system seem to operate quite slowly out there.

A deal is a deal, but it helps if you have someone in mind when you contract it. 

I don't necessarily mind that they are making a profit off of me; in fact, I expect it.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

Just keep in mind that contractors may hesitate to attend multiple pre-inspections, especially if they lead to no work.

And do you have a certain price range in mind and I assume you're good with up to a moderate level of rehab?