So the states close to CA tend to be more cap rate compressed because of demand from CA investors.Good luck and hope it works out well for you.     

I went to school in Cincinnati so generally aware of the area, but look forward to getting more perspective on market condition, growth potential, economics, rental demand etc. 

We have pent up demand sitting on the sideline.Brian

Thank you Brian, I was able to find the owner and I believe this individual is paying their taxes from what I've found thus far.

Unless they're very far from jobs, because of the supply and demand. 

You can network with like minded individuals and get all your questions answered.  

Let me run a scenario by you... and here I'm just playing devil's advocate I'm sure you're already frustrated with this individual and sounds like you've already made up your mind.Scenario #1 tenant breaks shower door:Tenant doesn't disclose to you that they broke it and moves out only to leave you with a large amount of water damage AND a broken door.

Individual cases aside, if your risk is too much of the probability (such as East Rift Zone 1), you eithth have grandfathered policy, uninsurable or premium is astronomical.  

Or is the procedure identical to setting up a regular series LLC, except that the 401k trust will be the sole member, instead of an individual person?  

Despite a relatively stagnant population, the demand for housing in the area seems to be relatively high at the moment, and market prices are unreasonable.