The mortgage payment is based on the interest rate and term. 

State income taxes are usually based on the gain or loss from each state, so you pay taxes on your gain in Illinois.

Hello, I am looking for a Maine based attorney to handle a private mortgage contract. any recommendations?

Again just covering my bases...thanks

Based on the desired monthly payment, we use a financial calculator to determine the necessary terms to achieve that payment, considering the price the seller is asking.If interest rates are not specified, our initial offer includes our desired monthly payment along with their asking price, with a balloon payment due in year 20.

Tune in to the BiggerPockets Podcast and connect with the local lenders and brokers.

You may also want to look into what Section 8's rates are if they will only pay a certain amount of rent based on bedroom count.

At least not based on what you wrote.

Based on you OP, I would consider keeping $50K in reserves in checking or savings account.

I had to learn how to guess how much value I could add to a property and base my guesses on facts.The journey was already hard because of the lack of experience and information at the start.