Meet with them in person, state your concerns, and see how they respond.

My concern is though there are laws in place that make it illegal to market a property with the expectation of reciveing a commission without a license, so from my understanding that would make wholesaling in Ohio is illegal.

My concern for you would be the mix of commercial and residential.

I might be more concerned if I had an STR in a place not high on tourism.  

Hi Jesse,Maybe Co-GP with someone who has successfully Value-added with re-habs on apartments of this size.Because based on this question, I'd say your chance of coming in on budget and on time is very low (especially with Covid shortages).Using an architect to help with color, landscaping, office design and decor, etc...might be worth it.This is a big project and in addition to handling the actual rehabs, you have to be concerned with your renters inconveniences, 7am chainsaws, water and electric shut offs, downed laundry faculties, pounding and buzz saws whirring all day long.You have to have a plan to appease their anger over this--or they will move out (when they would have stayed), increasing your turnover and decreasing your estimated cash flow.Having a management company that is familiar with re-habs might also be a help--some may also handle the re-hab for you for a (% fee).Good Luck!

Hi Folks,I am planning to buy my first ever investment propertyI live in GTA, I can take mortgage upto 1 million, and have approx 250k liquid assets for 20% down and other expenses I am thinking to buy a single family, and build a legal basement for second unit for better cash flow/numbersArea of interest are KWC, London, Niagara Region, Mississauga/Brampton...I am flexible with location as long as I gets a better deal and numbers look reasonable.Questions / Concerns- As a first time investor, my plan to go for a single family and such an expensive property is fine?

We were more concerned that once the deal closed we would not technically have lease/rental agreements with the tenants. 

Paying all cash for everything got me to this point, (it also got me into this situation) and my concern is that straying from my methods will hurt the long term real estate intentions.

Our income tax return will be married filing jointly, so it doesn't matter for us if he gets 75% and I get 25% or I get 100% and he gets 0, but does it matter as far as the tax return for the LLC is concerned?

It will show up but show a zero balance, thus no DTI concerns.