You have to know a general idea of what type of work has to be done to the house, and how much its going to cost.

@Andrew Brink This is the wrong approach to take when preparing any type of operating/partnership agreement.

What made you interested in investing in this type of deal?

Your questions and input are helping me solidify my stance as I type.

I see too many niche STR investors looking to build abnormal property types in rural markets and they have an impossible time refinancing out of the deal. 

For investment properties in the lower priced neighborhoods of Linden and Franklinton what type of vacancy rate is typical? 

I look at about 1,000 properties a week and have clients all over the country including Ohio.If you could put your price range, down payment, expected cap rate, tenant type, location such as suburban or urban core, etc. then I could quickly tell you if what you are looking for is a 1 in 100 or a 1 in 5,000 property.

It's really not a con now that I type it out, as a realtor, you have other ways to help them that could be much better than selling to you for investment purposes. 

This type of conversion is a great idea.

So their type of investment is not what I am looking for.