You will not like the interest rate, however, as the investment property interest rate 'hit' is doubled compared to the standard 25% down.

If I choose to go with a traditional mortgage on this property, can I use a FHA loan down the road when I want to purchase my primary residence up here in NJ?

I'm not saying someone could not do a total rehab for $12K, depending on what all it needed and as you said some work was already done, but I just need to know if that was hired out or "donated" labor so when I'm comparing my numbers I know how to adjust.   

There is innovative energy monitoring/submetering available that allows for electric use to be accurately metered among tenants without separate traditional meters/submeters, and it is an insignificant cost to implement & an accurate alternative to RUBS.

Beasley has some good points about running the numbers to flesh out opportunity cost and compare other deals.

I asked because you might be filing  as "married filing separately" compared to both single filing "single returns". 

An investor with one or two notes may not see an efficiency in setting up such a vehicle as compared to having the custodian serve as the processor. 

I went down the wholesaling rabbit hole and decided I wasn't a fan, explored creative financing compared to my personal risk tolerance and logged it away for future potential use, found the BRRRR method and read just about everything posted about it.

Haven't spent much time in the neighborhood, but there is low crime compared to the rest of Chicago and public transportation nearby. 

Maybe there are few comparable sales for a particular property in Calhoun property, so the adjustments need to be more extensive.