After including HOA fees, you would net about 630/month based off the info you provided.

I am always down to talk about real estate investing in Columbus, Ohio.I can share insights on investing on both single and multifamily properties, including out-of-state investing.

@Joe VilleneuveHow do you come up with 20% DP amount to factor in the calculation when we are still trying to figure out the offer?

The second scenario sounds like it meets that requirement if the all in costs include rehab costs.

Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.

The 1099 is issued to you and the IRS to make sure that you are reporting rental income on your tax return.I would use the annual property management statement to report the income and expenses per property.The property management statement will likely include property management fees charged to you and repairs made on your behalf.

Can I use Buildium for bookkeeping including tracking all transactions per LLC including mortgages and can it produce detailed reports at tax time?

Weak- Cashflow is most important factor, everything else followsStrong- Potential appreciation is most important factor, everything else follows. 

A contract is a contract, and "significant consideration" shouldn't be a factor, but the law was pretty clear.  

Including a realtor, contractor, and a lender.