Septic will depend on your state and local codes.

Depending on the area, you may be able to cashflow more than the 300 per month.

The performance depends on the individuals and companies you work with.Lastly, I don't think you need to see the specific house. 

Depending on the number of rooms, section 8 may also be a good option. 5BR is paying like 3K with utilities in PVD.Ultimately, I think you should sell it.

I've had broken windows, paint, and plumbing items flagged for repair but never stairs; although I have seen some really poorly constructed staircases and it's not terribly surprising to me that something like that could get flagged.Ultimately It's negotiable with the seller, although you should come to terms with the fact that you're an FHA buyer, and the seller would not have this issue with a conventional buyer; it entirely depends on your circumstances whether this is actually something the seller should pay for or not. 

You want to buy any new properties in a LLC but also depending on how much you want to scale your real estate biz, you may want to create a holding company LLC and a S-Corp if you get large enough.

I think this depends on the bank and of the allow helocs on rental properties at the time the loan was underwritten.

And the income approach is not typically reliable, since 2-4 unit property rents typically vary widely, depending on many factors, and the grm's (gross rent multipliers) will reflect that, therefore, causing a wide range in values.

@Ricardo T.It all depends on your risk tolerance and what gives you peace of mind.

Depending on which part of Chicago you are located in, the MLS is really a powerful tool for leasing.