Not to be a simpleton but can you help me understand your calculation method and how you would use this during the analysis phase....Turnover is every 18 mnths and when the unit does turn the tenant replacement cost is 1 months rent. 

The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

While you're in the learning/networking maybe phase see if you can get a job helping out in some trades type work with an investor who flips properties instead of washing dishes.  

My agent and I have been discussing a scenario where we approach or submit an unsolicited offer to the builder for a lower price with the basement unfinished (Ie; insulation installed phase). 

Because your two properties are in close proximity, when you get to the underwriting phase of the refi, the lender is going to ask you to sign an Owner Occupant Affidavit stating you will move into the property within 60 days of closing the loan, and occupy the property for a minimum of 12 consecutive months.After the 12 months in the property, if you two prefer the other property better, move into your house, and turn her property into a rental.    

I've been in the educational phase for the past few months and I've been bit by the analysis paralysis bug.

I understand the broader demographics of these markets but still very much in the early phases of delving deeper though I must say Cleveland has definitely shown some early appeal.Other Costs - I'm just looking for a general idea of what to expect on this front of things, things such as land tax (if the US has it), Stamp Duty (again if it exists), insurances (required/desired), management fees (I want a property manager in place due to time zones/distance/peace of mind), etc, etc.Finding a Team - This is one of the harder parts, I'm not averse to a trip to America for some research later in the year (if Australia ever opens its damn borders again!)

Are any of you traveling out of state, where the retail is more fully opened compared to Illinois' phase 3?

I know generally the areas that I would want a house and currently in the looking for a real estate agent/browsing at the listing phase.

Would love to hear a little more about the earlier phase of this process. ie, contacting your 401k provider and structuring the purchase in a way that "they" could purchse.