@Amanda Bradley Tenant sounds like typical Class C with a credit score under 620.How hard was it to find this tenant?

If you're targeting Section 8 tenants in Chicago, I'd suggest listing at the fair market rent of $2000.

Additionally, not all transaction types support Locations, meaning you'll have to create journal entries to correct them—requiring a solid understanding of debits and credits, which can be time-consuming and error-prone.Instead, I recommend biting the bullet and upgrading to QuickBooks Online Plus for each entity.

If they do, then you can likely find another tenant for that amount fairly easily, as I would assume the entire town's taxes are up- so if someone really wanted to be in town, that price is the new normal.If your taxes increased that substantially in a C neighborhood, your tenants would way more likely give push back for that type of increase- even though you're not being greedy, you're just imposing the same raise you were given.Often the buyer who had the "well, the numbers are better" mentality is only looking at year 1. 

Run a credit/screening report on yourself.

After analyzing the potential ROI, we negotiated a fair price of $58,500, ensuring room for renovation costs and profit.

To access your home equity without selling, you can explore options like a home equity loan, a line of credit (HELOC), or a cash-out refinance.

My only goal is to have all the details clearly spelled out so we can adjust price and deadlines in a fair manner as things come up. 

Pay your vehicle loan, credit cards, etc because in 12 months all of the accounts you pay out of a business checking account will be omitted from your DTI in the future. 

I think then that if you were me you would use the 200k to purchase something outright in cash, and not use the 200k for down payments on 1 or multiple properties - fair?