All of these static growth models can both help (give you some projections to consider) and hurt if that's not exactly how the growth plays out overtime (Real Estate is rarely perfectly consistent year-over-year). 

Yes, sometimes it isn't perfect, but no one is a targeted victim.

That makes perfect sense and totally answers my questions.

It's a perfect place to start your real estate investing journey.Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingI hope BP helps you achieve your goals!

Unless its a perfectly turn key deal with market rate tenants, you'll actually have more control over a property upon closing with vacancies than if it had tenants.

Here are the insights from my attorney and CPA:From my attorney:Your approach is perfectly legal and reasonable.From my CPA:Your approach of opening a joint account to pay the mortgage with the deposit coming from the LLC is the correct way.

Count me in; Schaumburg would be perfect ! 

In a perfect world, a small multi-family or home with a walk-out basement to house hack sounds ideal.

Also what type of repairs-new hot water tank, replacing all the electrical and plumbing?

It's a perfect place to start your real estate investing journey.