The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

Quote from @Mo Karim: How are the Milwaukee burbs market?

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

I am looking to do AirBNB Arbitrage in Lancaster area as it is the closeby market to me.

Personally, in this market, I would work on saving up and really doing my best to find a great opportunity and pull the trigger then.

You can contact some local property managers and get a better idea of the rental market.

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

There's no precise figure because no one will understand your STR or market as well as you do- or, as well as you will (with time).

Hey Jerry - Tulsa and OKC are both booming markets and ones that drive the most demand in Oklahoma.

Use a quitclaim or warranty deed to transfer the title, and be prepared to pay Chicago’s transfer tax, calculated at $7.50 per $1,000 of the property’s fair market value.