I haven’t been able to get a clear answer online.

I (personally) and my clients use the 1031 process regularly and I definitely make it my business to understand the ins and outs, but I am a turnkey provider (and BP addict, clearly), not a 1031 pro ;) If you are considering selling soon, remember that a 1031 requires that you have a QI on your team before you get started, and there are plenty of timelines and rules to adhere to.

In regards to your next flip, I bet you will have no issues cutting the flip time in half now that you've worked out the kinks in your planning, timing, budgeting, etc.

An S-corp is generally not advised as a type of entity for holding title to properties but does have some benefits especially if you are going to be employed since it can cut down on self-employment taxes. 

I'm new here, doing a lot of research, so if this isn't clear please let me know so I can try to clarify.

Thanks you for your response, ok i guess I wasnt too clear or detail regarding my goal in this goal of mine. 

I would like to loan it against his property which he owns free and clear.

***To be clear, I have not purchased any property in Ohio, am simply attempting to understand the rules/laws in the state and thought some of you may be able to help. 

The seller does own the home free and clear.

 (3year amortize short loan. )Can you guys think of any other due diligence am missing. thank you in advance for your input. by the way the property is free and clear and has plenty of safety in the price of the property vs my loan.