I second @Cody Cook.

@Jarrod Cook If the seller is as motivated as I think she is, I may be able to talk the price down lower.

One thing you can do is set things up quarterly by the season.. makes perfect sense.Look water heaters, cooling systems, boiler systems,schedule filters on those systems to be changed or inspected.exterior roofs, siding, windows a good general inspection spring and falllandscape grounds, parking area's including trash areas at least 2 times a year for needed replacements or lot line painting, or pot hole fixing..You should get into the units for a quick look see at least 2 times a year.. if not, be sure and schedule one before you renew a lease to make sure the upkeep is to your satisfaction.Just don't replace all the stoves at the same time or fridges,, then you'll have them all die again at the same time.. do appliances as needed.. and save some $$ so you've got that covered. 

You also need to set the property up for AirBnB so you need to invest in furniture as well as things you may not have considered like pots and pans should the renters want to cook.  

@Cody Cook what's the asking price for this lot?

If you buy in Cook County, the property gets reassessed every 3 years.

@Jessica GreweWe focus vacation flips in Cook County, MN - Tofte/Lutsen/Grand Marais.  

@Phil Gaulrapp, your tax rate is not based on property type, rather, it's based on the location of your property within its' taxing district (For cook county, see: http://cookcountyclerk.com/tsd/DocumentLibrary/2015%20Tax%20Rate%20Report.pdf).  

I'm pretty handy so I convinced her to let me make all the repairs it needed after the FHA inspection to sweeten the pot on both ends of the deal (scraping paint and repainting is pretty easy) . 

The market is heating up and the better deals are getting cooked out.