He knows the property inside and out and knows how the plumbing is put together and is able to assess fault pretty rapidly.  

Property radar by FAR is the best out there @Sean OToole and Sean is far to humble to toot his own horn :)Liz even though you would never use it you should subscribe or maybe Sean will give you a trial ... its only 50 a month or so.. and you can see how comprehensive this site is..

This is something you will constantly have to assess and battle with, and perhaps over time, decide is no longer for you.

do right on with your assessment.

I already know the taxes for both properties and I have called the utility companies to get a round about number for utilities, but I wasn't sure if there is a specific document that may give me a comprehensive overview of the profits and losses for the current owner. 

Extremely simplistic reasoning, beyond normal comprehension. 

I have a team and we usually buy foreclosure auction properties, therefore, we drive and assess properties all day.

It's just my own assessment of trying to do the same thing.

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).

(0.3x % of the assessed tax value of the property)2.