(Increase the minimum rental income by 110% of the amount the taxes/insurance/utilities are over $500.)

Take over existing mortgage only $890 / payment + HOA3.

We're considering selling the property due to challenges of long-distance management.We're still interested on investing out of state and plan to gradually scale our investments over the next few years, focusing on areas close to Illinois, like Wisconsin or Indiana.Any suggestions on how to approach selling our multifamily property and buying in Wisconsin or Indiana in the current market would be greatly appreciated.

Based just on your DSCR calculations, it appears this property is significantly under-performing, or if it is operating well, then it is significantly over-priced.If your plan is to reposition the property, then you need a bridge loan or private loan to acquire and manage the property. 

Requests for loans were most often made over the phone or in person with potential borrowers paying us a visit at our offices.

My best advice would be to calculate how much you would need to spend on food and determine how that number relates to the amount of rent you are paying.

i certainly want my long term rentals to be 'worth' more and to appreciate over time, but i worry much more about what they can rent for. 

My dad worked as a contractor for over 30 years and now I am looking to start a family business (he is retired).

@Jieun KimCaywoodIn general your plan can work, but be careful about over-extending yourself financially.  

Things have changed over the last few years so do not be afraid to ask questions before you apply any learned principals.