I am not sure what info I can provide to assist in my question but essentially I am trying to decide between 2 mortgage options for a new rental property. 30 year w/ 25% down and 6k in closing or 20 year w/ 15% down and 4K in closing. 

Fellow Illinois landlords, the following is a link to a rental payment assistance program that just opened for housing providers/landlords.

I have helped folks with owner financed transactions before, but never have assisted someone where they paid it off so quickly. 

Since you're a 1st time home buyer, have you checked into the first time home buyer down payment assistance programs that TN and AL offer?

I own a management company in Wilmington and would be happy to assist there. rpmchampion.com 910.782.4490

If you still need assistance let me know

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 9.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck investing and let me know if I can be of assistance.

Tell the tenant, the best deal for BOTH you and him is for him to apply for rent assistance.

All units have been rented to low-income tenants receiving assistance through voucher programs, and I plan to stick with low-income tenants to help alleviate the low-income housing stock in Phoenix.

Many agents have connections and are more than happy to assist.