Now that rate is indexed, and during bad economic times, rates drop, so an ARM reset is going to produce a lower monthly payment for almost anyone.

This refers to the rental income produced by the property above the Principal, Interest, Taxes, and Insurance.

The BP Podcast is incredible and this platform is also amazing when starting your real estate journey.

Thank you, Judy.The first step to exiting or getting out of the rat race eventually is to change the mindset and actually own income-producing assets.My first thought reading the OP was 'Sounds like a motivated seller. 

@Justin Rademacher That would be incredibly helpful.

Whenever I need someone else for a quick job he's there to pull out his rolodex, and it's been incredibly helpful. 

I must say, this site is incredible!

Even if the property is a passive investment, if you can't use all the incredible benefits the first year you get the study done, you can roll those benefits forward from year to year until they are gone.

Or put your eggs in one basket for a top notch cash producing property (that could even at a later time become a condo conversion easily)?

In northern Illinois, it's typically the seller's attorney, however it can be any person licensed to produce title, including a Realtor, buyer's attorney, or the title company itself.