That's not the same as paying cash.According to a different post, your credit card debt costs you $600/month.

We also do not allow the tenant to patch holes or touch up the paint, because they usually do a terrible job that takes longer and costs more to fix. 

I'm with you that sidewalk slip and fall litigation may be less likely in the Midwest than say Mid Atlantic which tends to have more litigious cities but dismissing premises liability issues can come back to bite an investor and when these properties have such razor thin margins that an investor must consider the cost benefit analysis of safety against ROI, there is a real estate issue and is usually a losing proposition.   

And the reality was I only put 20% down plus closing costs.

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.

Streamlining Renovations for Efficiency & Cost ControlManaging multiple renovation projects at once demands an operational efficiency that can be tough to achieve.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

Short term rentals do get more money, but also cost more to run and require more time.  

How about opportunity cost?

We put back most of the money back into our business, as the cost of living for me is covered by the student rentals.