Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

we have several properties now in McHenry County now, and we are looking desperately for an attorney that covers that area.

We don't cover that area, but know that due to lower population density, finding a great PMC is difficult. 

I have a buddy that has been doing flips for a few years and he now has investors approach him asking to get in on his flips so he lets them cover the down payment/entry fee's for 30% return on their money.

Also, are you doing separate loans, or one loan covering both properties?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

This has to cover your debt payments also.3.  

But I could easily make this a 3 bed, 2 bath within the existing sq ft.