However, IL landlord/tenant laws are tough and are worth taking a deep dive into if you are going to investLawton, OK - Good opportunity for sure as many mid-American towns like this are prime for investors.

As a new owner, you should confirm if you can raise the pricing on the rent, and do that accordingly to the laws.

I'm currently working with an estate planning attorney and she said she said we could put the LLC in the Trust but said she was not the best person to advise on the pros and cons of that and that we should talk to a business law attorney.

The class action law suit is the topic. 

Also, take time to understand Arizona landlord-tenant laws to stay compliant and protect your investment.

If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

So need to check those laws.

From the sentiment of your post it seems like you're viewing the buyers as strictly investors when they may lean more towards traditional homeowners looking for a quality of life improvement or an improvement on their current financial situation today.Let's say the buyer pays 465k and has a 5% interest rate.

Again this is if you want to do is passively.In regards to markets I would recommend the southern/middle part of the country because the price points are much friendly as well as the laws.

Wait until it's close to the end of his lease (know what the law requires) and then give him notice that you will not renew.