Other things to factor in:-rehab costs-PMI-closing costs-for vacancies, repairs, cap-ex: I typically do 5%/each, 15% total (some may argue to be more conservative on your analysis)As far as the cap rate, my understanding is the cap rate is more so for properties with >4 units.

The further you go inland the cheaper the properties get typically.

There are some good opportunities to flip properties in Illinois, which is typically a better proposition than renting. 

If this is typical behavior, you don't need it. 

My lease addendum for pets says that I won’t except pugnacious breeds, with a list of the typical ones.

Open escrow, do inspections / title work, get fire insurance.Close on the property, typically paying the remaining funds with cash or a loan.If you're buying through a realtor they will have contracts to use. 

My Chiropractor owns 9-10 units in a great neighborhoods that typically appreciate and have rents of 1200-1500 per unit; however, the buildings are 300-400k.

I doubt that would be an issue because while Chase has their problems, they don't typically hold a faulty foreclosure sale and then put an REO on the open market to sell, until its resolved.The one accurate statement is that yes, in terms of title issues, it could be anything, or, it could be nothing.If Chase owns it and has since 2015, chances are that they'll sell it when they are ready to sell it.

Typical apartments are around 40-45% so there is room for operational improvement.

Biggest con is that hard money lenders typically are expensive.