Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function.

They would also provide the funding and renovation funds at 7%.  

Just about any bank can open a joint account. 

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

It's the boring places that probably won't appreciate above the rate of inflation that will provide real month to month income. 

Upgraded the backyard and re-styled and provided high end furnished to the home What was the outcome?

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Let me know if I can provide any support. 

Hey @Nicholas Hausmann - I can't provide much feedback on Springfield Illinois it self since I am up in Chicago, but it seems like from what everyone is saying it's a solid cash flow market.In general, it sounds like you have a solid plan...I recommend making some trips there to meet some of the local investors.  

There are many folks, including myself, in this forum that can help and the more info you can provide (mainly numbers on the property), the more we can help you.