Also, why would a knowledgable investor lease a $30k junker (before he's spends $35k to fix it up) for $600/mo., as opposed to just buying it?

Renting looks good on paper but you end up spending all of your positive cash flow on fixing up the units while you anticipate a new renter.  

I was taught by a very smart mentor, you'll spend more time trying to keep the money you've already made than trying to make more money. 

Hey @Theo HicksHere's my take the numbers are okay but if you have 500,000 to spend in Cincinnati market you could buy 6-7 turn key sfh or smaller 4 units and not have all your eges in one basket plus norwood is not the easiest place to deal with and depending on the side of norwood you have to be careful of the drug usages and the type of tents you will attract .

Some will argue this hurts conversion as it is clearly "bulk mail" to the recipient as well, and that it is worth spending a little more on postage.

You can spend a lot of time and A LOT of money researching and paying for partnerships, agreements, LLC's, paperwork, filings, etc...These are important questions.  

Very few jurisdictions allow tiny homes as they do not meet any building codes.If you are not going to sell the lot go see the local building inspector to find out what you can do before you spend a dime.

Using savings is no good unless you lock that money in escrow, because you can always spend it. 

spend $1000 +/- on a CPA and he will figure it all out @Nick Janovich

If you start swinging the hammer during the little time you have left after the full time job and spending time with your family, it might take you months to finish the renovation.