I have also considered a joint venture or seller financing, but I need to do more research into theseThank you in advance for the insight!

This is going to cost money and they will not have time to prepare an entire scope of work during a standard due diligence period2 - I would get with a Realtor and have them pull comparables from the MLSWhere is the property located in Ohio?

I currently am thinking about investing in my first real estate venture out of state from where I currently reside with a partner.

I have an LLC, silent partner, one home and am ready to get rolling on more purchases but want to take as many preparation steps as possible when it comes to finances and taking advantages of tax breaks. 

We both desire a partnership agreement to establish the terms and conditions of our new venture.

Learn from history and be prepared along the investment journey. 

By that I mean what are you offering in terms of time to close, earnest money, shorter inspection period, offering to pay seller's closing costs, waiving appraisal and financing contingencies, etc.Find out how how you can go on a particular property and still meet your goals if you do venture into offering over ask.

I wouldn't raise the rent unless you are prepared to deal with the issues that may arise like an eviction or vacancy. 

Finally, just know that your first deal may or may not go as planned – no matter how much we prepare. 

I'm not entirely familiar with the NY market but I imagine you'd have to venture out pretty far from the city in order to house hack something that would appreciate enough to be a solid investment.You can generate passive income much more quickly by going out of state (the midwest in particular).