Also, I've calculated the cash-on-cash return for buying a property with cash for 65% of market value, and I can make the same return if I finance a purchase buying at 80% of market value. 

-Gross Monthly Operating Income3,291.75 Monthly Operating ExpensesProperty Management Fees347.00 Repairs and Maintenance200.00 Real Estate Taxes250.00 Rental Property Insurance298.81 Homeowners/Property Association FeesReplacement Reserve50.00 Utilities150.00 AdvertisingMonthly Operating Expenses1,295.81 Net Operating Income (NOI)Total Annual Operating Income39,501.00 Total Annual Operating Expense15,549.72 Annual Net Operating Income23,951.28 Capitalization Rate and ValuationDesired Capitalization Rate8.00%Property Valuation (Offer Price)299,391.00 Actual Purchase Price167,500.00 Actual Capitalization Rate14.30%Loan InformationDown Payment33,500.00 Loan Amount167,500.00 Acquisition Costs and Loan Fees6,000.00 Length of Mortgage (years)15 Annual Interest Rate6.690%Initial Investment6,000.00 Monthly Mortgage Payment (PI)1,476.66 Annual Interest11,002.25 Annual Principal6,717.63 Total Annual Debt Service17,719.88 Cash Flow and ROITotal Monthly Cash Flow (before taxes)519.28 Total Annual Cash Flow (before taxes)6,231.40 Cash on Cash Return (ROI)103.86%

Do you have tax returns that show you are earning money from other investments?

That written notice will transfer with the sale of the home so you can get the clock running as early as possible.You could give them the opportunity to clean up but I don't recommend it because they will eventually return to this squalor.

You must then file two (2) state income tax returns plus pay the foreign entity costs of doing business in Illinois.

Only place I know of would be to go to the individual sponsor websites and pull returns.

So after a couple of weeks dealing with the death, I returned to Pittsburgh, and take a look at the property, purchase price 23,000 and it was a little rougher then what I expected.. lots of trash, holes everywhere, nothing salvageable, ( previous squatters)...

You need to research that Florida is maybe the best for taxes.Don't forget the foreign entity tax return due when you set up your business entity in another state.

Personally, I would sell the condo and use a 1031 exchange on a larger multi-family (in a market with solid return where you're cash-flowing nicely) so you don't have to pay taxes on the condo sale. 

Will return to check on posts!