Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements. 

Great question @Robert Rixer.I never got to the point where I had to make that call, but at the end of the day, I'm not willing to go down with a sinking ship.

Other states you must cure within 5 days of the sale and the lender can allow it or they can refuse. 

@Jacob Dalton, I'm going to have to agree with Jonathan Klemm (sorry, couldn't tag you) & @Brie Schmidt -- you can definitely be a successful landlord in Chicago with the right team in place.  1000's of investors do it every day. 

The servicers have to send notices 15 days prior to the transfer, but the new servicer is required by law to honor any payments made to the old servicer for 60 days.

This is a classic assumption.The third option exists due to the fact that assumptions are very rare these days.

What % is typically required these days? 

Quote from @Gary Campanaro: Hi Everyone,  I recently had a last minute cancellation due to Covid (same day cancellation).  

But there were big articles in teh Phily paper and Baltimore sun.  

That is your denonimator.You also take the cash flow you get from rent minus all your expenses, so at end of day how much $ is in your bank account for the entire year.