There is no big concern with either. pumps will last for many years and will typically result in lower utility bills which is a plus for tenants.

If you're borrowing rehab dollars, then the hard money lender will typically hold those in their own account and distribute them to you as draws after work is done.

If it’s a mom and pop you (typically) get either a Quickbooks export, an Excel sheet, or an email listing everything.

Other things to factor in:-rehab costs-PMI-closing costs-for vacancies, repairs, cap-ex: I typically do 5%/each, 15% total (some may argue to be more conservative on your analysis)As far as the cap rate, my understanding is the cap rate is more so for properties with >4 units.

The further you go inland the cheaper the properties get typically.

There are some good opportunities to flip properties in Illinois, which is typically a better proposition than renting. 

If this is typical behavior, you don't need it. 

My lease addendum for pets says that I won’t except pugnacious breeds, with a list of the typical ones.

Open escrow, do inspections / title work, get fire insurance.Close on the property, typically paying the remaining funds with cash or a loan.If you're buying through a realtor they will have contracts to use. 

My Chiropractor owns 9-10 units in a great neighborhoods that typically appreciate and have rents of 1200-1500 per unit; however, the buildings are 300-400k.