This property is located in the hottest neighborhood in Chicago so if I sold it I could sell for a 75k profit or if I rented it out I could make $400/mo doing so.

Can you tell me best locations to flip houses?

I like Bucks county a lot, but not too sure about best multi-family locations.

(reasons to file multiple - property is located in a different state or you work in a state other than the one you live in)Is the LLC a disregarded entity or does it require the filing of a partnership return?

Rent is hyper sensitive to locations within an area.  

For example location, sqft, and number of bedrooms and baths.

The home's rent will still be more than 1% of the cost in a decent location. 

I have a commercial lot located across the street from a Large Grocery store  HEB, in a smaller rural Texas town.

He's located in Overland Park but works all over.

I live in West Rogers Park and can assist in several ways in locating off-market and listed properties.