Are you paying cash or getting a rehab loan where the lender will advance you rehab funds? 

I am looking at a property near Chicago and plan on closing very soon.

I said there was no reason to sell the property (as rent would easily pay the mortgages, taxes, and insurance).

Planned Zoning Map.Read my post on both Zoning and also RV/Boat storage. 

Why pay $2,000 more and then run the risk of damaging the kitchen table or spilling wine on your white chair and having to pay for a replacement?

Also, if you pay your parents any profit for the property, if it is their primary residence, I believe that a married couple has up to $500,000 exemption on profit from a primary residence, I'm not 100% sure on that, but you can search for that pretty quick.If you are looking for any loans, please let me know.

You might want to do a comparison of simply selling and paying the tax and then investing post tax dollars into whatever equities you want.

I plan to manage it myself.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

The rehab + landscaping = $65K (approximately) Would it be better to seek out private money and pay them back at refi or attempt a cash out refi.