So, here are the basics based on my market, which is AZ.  

Use a quitclaim or warranty deed to transfer the title, and be prepared to pay Chicago’s transfer tax, calculated at $7.50 per $1,000 of the property’s fair market value.

I am working with some NJ clients on turnkey investments in the Midwest/midsouth markets currently.

Submitting a form D to the SEC is negligible and then each state someone is in that invests you must file a form d in that state as well which can bea  few bucks to a few hundred bucks.Where you will incur the greatest cost is raising the actual capital and marketing etc. 

However, I'm having difficulty narrowing down a few markets, such as Tampa or Kissimmee/Orlando.

Your interest rates are low. 8.5% is around the "market rate" for owner finance buyers right now...30-yr, fully-amortizing2.

The seller is so pissed off, he can't wait until Friday to snatch up my $10 gs and put the house back on the market.

If this is not something you're interested in delving into and learning to a high degree, then investing in publicly traded REITs would be another good option for you, which have historically returned about 13.5 per cent Per year over the past 50 years (1977-present), beating the US stock market by two per cent and even beating private real estate investing by 4 per cent (that's compared with the average real estate investor, not the experts here at Bigger Pockets).

Inside track to properties before they go to market/general public.2.

Overall, it's going to be up to the state and local governments to enact changes that will affect the local housing markets.