If I am looking for properties that pass the 1% rule, say for example the property is going to cost a hypothetical figure of $1M, it means I should be able to charge a monthly rent of $10k for it to pass the 1% rule.In this case the annual gross revenue would be $10 * 12 months = $120KThen it means the cap rate for it would be 12%?

In Contra Costa County, CA.   

This can wind up costing you more in the long run compared with picking a higher quality general contract at the start of the job, even if they might cost a bit more up front. 

We did not title in LLC because that would have required us to buy a true commercial insurance policy for the vehicle, which cost a lot more.  

This is going to cost a lot of your time and money.

I will be hosting a mastermind retreat for experienced millionaire investors (100 or more REI deals) out of my properties in Costa Rica in April.

Each of those cities have a cost as to what the small deals will cost through their life cycle: closing - rehab - sales/refi. 

Removal or deactivating will cost a few thousand but not 10s of thousand and you might want to convert to gas or upgrade to a more efficient boiler anyway.  

A mistake in screening can cost a huge amount of time and money.  

So, I'm assuming 30 min south of Joliet means you've got gas there and if so, I can't see why you wouldn't go with gas-even if somehow a heat pump can come anywhere close to the cost, as Rob mentioned, when trying to sell the buyers will walk in and say "Electric heat??!!!