Finally finished all the paper work to rent my townhome in Northern Illinois.

Don't settle for what they look like on paper.

I can only assume that the papers and positive references helped. 

Not a great deal on paper, but we are currently cash flowing a small amount.

If you have a well-maintained unit in a decent area, your tenants will want to stay, even if the increase is substantial and it is within market rent.BTW, prior to purchasing, ask the owner for copies of the most recent utility bills, tenant estoppel certificates (signed paper from tenant stating financial terms of the lease) and CLUE report ( A report that lists if any insurance claims have been filed against the property in the last 7 years) to ensure property is insurable.

I have also been looking at the Paper Source website and have enjoyed the intro to notes course.

The current owner has proven on paper that he can not control costs and can not keep tenants, so why would I offer more than this?

(so maybe it isn't this critical - but you could sure make it look that way on paper - especially since you've had to abate it more than once)

Smaller banks hold the paper and will give you up to 10 mortgages. 

The Grove looks good on paper, its a cool new resort but there is 0% chance of capital growth on those things and as soon as the rental guarantee ends it's downhill from there.