@Greg Heden this is a common topic of discussion and the method that always comes up - what do your comps say?  

@Ray HarrellSellers will owner finance because (1) they will be able to sell for a higher price because they will sell to people who can’t get institutional financing, (2) they think the interest rate they receive on the money they financed, usually 6-10%, is better that the 2% bank accounts are paying (3) they get to spread out the gain on the sale of property over many years and not be bumped into a higher tax bracket immediately, or (4) they can sell the property faster as a buyer doesn’t have to wait 45 days to fulfill institutional lending requirementsBuyers may want owner financing because (1) they save the points and other fees associated with institutional financing (2) they may own the maximum number of properties financed allowable by lending institutions (3) they as full time real property investor may not be able to prove the amount of income necessary to obtain a loan (4) they may not qualify for conventional financing, only hard money, in which case owner financing may be at a much lower interest rate (5) they may have liens, judgements, etc. outstanding that make obtaining outside financing impossible, (6) they may want to close quicker than available with institutional financing.Please let me know if this makes sense

That being said we are at 12% interest paid monthly AFTER our fees to our investors.  

I agree with @Michael Smythe, Determine the true market rent for the property, show it to your tenants, and discuss with them a fair increase that works for both of you. 

When I discussed the possibility of going into real estate with someone I trust, he said that I should not expect to start earning back my investment of time and money for 6-12 months.

He would be happy to discuss market analysis with you.

Let me know if you would be interested in discussing such an opportunity in the suburban Chicago area. 

Condo fees are going up and one would think that would make prices drop.

There is no discussion/debate/retort on this whatsoever. 

Been doing a deep dive into the industry and would love to just discuss the different options out there and options specific to my area.