Typically with houses of this age - you'll need structural folks to dig and install piers into the soil.

It'll be easier to start with a turn-key property, but if you have a good contracting team, a value add will typically offer better returns. 

if so does anyone know how much is the typically LTV you can takeout?   

Issues 1) even garage conversion ADUs in single family zoned areas typically cost more to build than the value that they add.  

typically no special license is needed when doing it for hard money loans that I am aware of. there may be states like california and nevada that are tricky where lenders need a license of some sort but for most part brokers i have seen are not licensed. 14 or 15 states require state license and NMLS registration.

So, a house that would typically cost $100 per sq. ft. to build 5 years ago, is now costing $200 per sq. ft. 

Looks like there is one program that has not closed yet in Ohio, maybe not the right county, but I would call anyway, they typically know who else could help.https://nlihc.org/rental-assistance?

As a side note typically I do not use my deferred tax dollars to invest in traditional real estate as the benefits (depreciation etc) are all lost when using a self directed IRA - My guess is build to rent will provide little to no cash flow to build the account - it will all be locked in the property. 

@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Typically, the same applies to LLCs where you and your spouse are sole members (single or multiple member LLC).