(I don't know what the licensing requirements are in Ohio, but if the LLC is renting out property it doesn't own, there might be licensing requirements to act as PMC).I think a couple of background questions would shed some light on this:What is the purpose of the LLC?

It's all custom and requires some incredibly specific knowledge.

If you're looking to house hack, this could be a viable option; otherwise, most lenders still require 20%+ down for small multifamily deals.

Units require at least a true 1 bedroom.

Something that requires me to have no knowledge, experience, or involvement?

If they are a dentist, chiropractor, electrician, baker, hair salon or anything that requires a building, buy and sell or lease to them. 

Womp wompIf $4000 is 3 years cash flow this is probably not a good deal.I have a minimum cash flow requirement of about $4000/year due to the cost of things like roof, HVAC, vacancy, painting etc.Have you penciled the deal out to make sure it makes sense?

I must be weird in that, even if a MLO's focus is going to be on investor deals, I still require the license. 

The owner is asking $55,000, but it requires substantial renovations.

Some have no limitations, some have owner live in requirements, some allow a percentage of properties to be rented it out.