With either you should look into good sound isolationYour revenue after debt service doesn't factor in maintenance, capital expenses, vacancy, possible construction cost overruns or delays.

And LA is a 4 hour drive (45 minute flight) from LA.  

What's important to note is that while they may not report to the agencies, therefore not be factored into your DTI, you need to monitor your debt levels to ensure you're not taking on debt obligations that you're unable to afford.

Typically you can find these trades by driving neighborhoods and taking note of the homes being renovated get out and talk to the crew to find the person who is running the job.  

I dropped where ever I was doing in my office and started to drive for bucks. 

When you factor everything else in, it could be a deal that's not as good as you had originally thought.  

Since it was your initial plan I am assuming it is within reasonable driving distance to work.

In my case we bought in Boston and we live near NYC, a driving distance which is not too painful.

Agreement will be affected by number of other factors as well so its better to get a legal consultation. 

Columbus, again in my opinion, is sheltered from many factors that will effect other areas.