Illinois/Chicago has high property taxes compared to many mid-sized cities/metro areas. 

The deferred maintenance and comparative fewer amenities also cause concern. 

This all is a very simplified answer, but might give you the basics.I would think you would want to market to lien free homes or homes with liens small enough compared to the market value.   

Self-directed IRA A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation: Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

The numbers:Purchase price 250,000 (in 2012)Owe: 167,000Current value 360,000Monthly Income:Rent 2500 (has agreed to 2600 in May)Monthly Expenses: PITI 1,692 HOA 83Pool 112Lawn 121Lawn chemicals 54Pm 8%Would you keep and pass more expenses to tenant, or lease to own.

They are relatively inexpensive compared to gas fired heaters and they can be added to each unit’s existing electric panel.

@Tandi H.Hi Tandi,What about calling the PD and reporting the drawers stolen based upon the value of having a contractor replace the cabinets with comparables, including new counter tops, and sink hookups? 

Self-directed IRA A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation: Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

Account Closed It makes complete sense that the guy with less overhead and presumably less employees would be able to charge less for a similar job as compared to the 2nd guy who has a big company, more employees, more overhead. 

@Mike D'Arrigo I wouldn't say the Memphis market has high operating cost, certainly not compared to Jersey here.