In Texas, like @Steve K. said, you are a customer without an agreement and you are a client with an agreement, meaning with an agreement they have "fiduciary" duties to you and you will be properly represented.  

Yield in an asset, including real eatate, is a function of the markets perceived view of risk in the asset and market.DC, and Arlington, are amongst the lowest risk markets in the entire country, and thus will have incredibly low yields on purchase.Part of that risk profile though is how much future appreciation and rent growth are anticipated in said markets.

One thing that has held me back is my fear of handing the financials properly. 

So make sure you balance that scale out properly. 

Which means upon default of the sale you do not have to foreclosure, may may take non-judicial repossession.Can anyone confirm if this means you could sell on owner financing and evict upon default with a land trust and proper agreement?

@Evan LoaderYou definitely want a more experienced CPA when it comes to K-1's / Passive investments.I have seen issues where new accountant's will not properly carry over passive loss carryforwards.I have also seen issues where accountants will file state returns where not required. 

Good customers breed good customers, if properly "feed" to do so. 

I dont know the reason but i assume it was so they wont lose it.Now my question is, is there anyway I can take out any more equity loans in the house so I can renovate fully and sell for a much higher price, can probably pull 3.5 for a fully functional higher end house.Is this even worth perusing or should I not touch this with a ten foot pole.Thanks all, looking forward for your expertise

For either city I am open to long term rentals but would prefer if one unit could be used as a short term rental so that during my visits I can used it myself.Neighborhoods to consider for STR in Chicago Proper- Just about anywhere North of 290 except maybe Austin and West Garfield Park; Some good targets south of 290- Lower West Side; Bronzeville/Oakland; Bridgeport; Woodlawn (Near the University); Hyde Park (Needle in a Haystack); Kenwood (Needle in a Haystack); Grand Boulevard 

I think you're best bet is to learn how to properly analyze multi properties, then find one that you can take down with a partner.