The banks will withdraw money and hold it in limbo for awhile-- they use this "float" to increase profits.

Will attract a better tenant in the future.CONS: 1.

I could increase the cash I have up to 140k since I could get some money out of my 401k and also trough some friend loans (I prefer not to do this).

It may take two years to execute, but you can cash flow during ownership and enjoy an increase in value from improving the performance of the property on sale or refinancing.

I would increase your CapEx and Maintenance expenses (I use 10% each for older, lower valued properties), but I err on the conservative side. 

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).

I just increase my rents by $50 and say water is included, job done.

The price has increased quite a bit around 50%.  

BRRR is the strategy to grow our portfolio, ideally we can increase the number of cash flow streams and cash on hand to rinse and repeat.  

I bought it all cash, and below you'll see the details:List Price: $60,000Purchase Price: $51,500Wholesale fee: $4,000Closing costs: $1,083Gross Rent/Month: $300Lease term: 10 yearsCoC Return: 6.4%Again, not the most attractive numbers, but the tradeoff is that the property management company will deal with tenants and maintenance, and I'll have constant flow of cash for the next 10 years.