In the city of Racine, I have noticed the the property values are low compared to the amount of rent you can receive.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

I have pulled a permit for removing a fireplace, but probably would not have but I had a significant remodel going with permits and did not want hassle of him making an issue of removing the fireplace (the inspection for fireplace removal consisted of only verifying gas cap was in visible location, he did not even spray it).

If it's a fixer upper you would account for the rehab and purchase price then compare against the ARV.

The city also benefits from a relatively low cost of living compared to other major cities, attracting both renters and investors.

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

For example, avoid wasting time comparing new construction with sun-soaked windows to basement units with stained drop ceilings.

Reason I ask is in note investing it is actually usually pretty difficult to lose money consistently, thus the questions. 

For short-term gains, options like private lending, where your IRA acts as the lender, can provide consistent returns through interest payments.