The kicker being this is one of the few business models where the banks are begging to lend money on, we have borrowed at 5.45% interest only, 75% LTV, which gets revisited every 2 years.This may be a convoluted way to explain a simple concept, I know the industry in Australia, but the same buzz words don't bring anything up on a search in the US.Is this a pipedream in America?

@Vertical Jones - feel free to give me a buzz and I will be happy to help you! 

I hear Chicago is a pretty rough place nowadays.  

The STRAIGHT LINE depreciation is the primary method that is utilized nowadays. 

Put it in the For Sale By Owner section and make sure you put in some buzz words like "handyman special", "highly motivated seller", "cash buyers only, must close in 7 days or less".

houses up the street are selling for $115k-$130k where im at houses sell way above there tax assesed value witch is 100k on this one. nobody pays full FMV nowadays here and finding FMV is hard when houses never sell for FMV Its just a reference point investors use to know how much below FMV there paying when they buy it but I believe and my Realtor believes its worth 115k -120k

I don't see too many people doing this nowadays because so many properties are upside down.

Check in your area as to compliance issues before you strat buzzing these agreements on the public.

Nowadays I can't seem to win a bid, no matter how high I go! 

Nowadays, getting a high rental return usually means targeting lower income neighborhoods, which is not advisable at all for an out of state newbie.