If you need financial help, ask under the "Finance, Tax, and Legal" forum.

What is the interest rate on borrowing compared to the rate you are earning, then take into consideration the tax consequences. 

Your loan will be $1,100 a month, add insurance and property tax.

A lot of Chicago workers are moving to this area to escape IL taxes and politics.

The 1031 exchange rule to defer your tax is two part 1) reinvest all your proceeds and 2) purchase a property (or properties / DSTs/TICs) with an equal or greater market value.  

If not, what are property tax sales? 

Keep in mind that you get to depreciate these appliances on your taxes.

@Chris Seveney The types of leads I'm targeting are absentee owners, vacant properties, pre-foreclosures, tax delinquencies, and probates. 

As for income verification, I require the applicants two most recent paystubs and if self employed I need their most recent tax return.

Rentredi is a good software but BEWARE if you sign up for automated bill pay, they will charge your account if you do not cancel prior to the renewal and they will not refund your payment even if you request it the same day they pulled the payment from your account.