We were stupid to pay him through e-check and have no credit card protection. 

So I thought how about the education market - universities - not college students but rather graduate and professional students (e.g. medical students who spend 4 years in one place).Targeted tenants.   

Everything looks good financially, however I've not sure what I should look for or how to protect myself from, any possible outstanding taxes or other liabilities that might be hiding out there on the subject acquisition LLC.

I’m wondering...(1) If the association decides to implement a no renters policy and I already have the tenants in the unit, am I protected under a ‘grandfather’ situation, or could they force my tenants out?

I don’t live in your area but I would think in a house that size you would spend your entire $20,000 on the kitchen alone.

Chad,AFAIK there is nothing to preclude you from protecting your interest in the property as lien holder.

it is getting a bit tighter/tougher for new folks but if you spend some time learning the process you can make some great returns.  

Save the $ you would spend on housing for future down payment.Rinse and repeat until you have as many units as you want and you can buy a SFH for yourself. 

I live in the NE Ohio area about an hour south of Cleveland, but also spend a great deal of time in NW Ohio for college.

I'm setting up two LLCs with one for the flips and one for the rental properties.The flips will be an S-Corp exactly as you said to try and make room for some of that income to be taxed at a lower level.Having the separate LLCs is necessary not only for legal protection, but to keep the accounting separate.