I know after this I have no profit, but the tenant is paying the majority of my Mortgage, taxes, and insurance. 

Here are the two major questions that I have been eagerly waiting to find answers to and need some expert opinion from all you experts out there: Cash out on equity on the rental property by selling it while market is high.

Major profit!

A few years back when the majority of properties were bank owned they had issues with accepting offers from LLC's.

1-cosmetic (paint, new floors, maybe a few small framing changes), 2-some real remodeling/maybe a major system or two (new baths, foundation + hvac, etc), 3-total guts/burnouts (taken to the sticks).

I would love any advice people have about good/bad experiences they've had in the area and major things to look out for when just starting out.

Unless they are all (or majority) B+ or higher properties.

I take a 30 year window, and take the three major capex items... roof, HVAC, and Water heater, and add their costs together.

In another note, he said that Jerry Cohen and his nephew Scott Cohen were convicted of a major rental fraud scheme in Philadelphia in 1999.If you look at the Cook County Recorder of Deeds website, EquityBuild is the Grantor/Grantee on 190/160 properties respectively in the Chicagoland area.

Like someone mentioned earlier, a major event like gentrification or other factor would be needed to push values up.