@Steve Babiak - perfect.

My total annual expenses will increase over time with repairs and cap ex as the property won't stay perfect forever, around the 3 year marker I will start to see my expenses eat into the cash flow to the point where my Total Annual Cash Flow and Cash on Cash ROI will start decreasing.

I HIGHLY doubt that is the case in Il though, and if not, it is considered a luxury and you are perfectly ok getting it fixed in a little over a week.

Perfect for a first timer.

You may not like them all, and we all know they dont work perfect, but regulation is better than an unregulated market solution.

The chance that the perfect deal you are looking for just happens to be on the market right now probably isn't the case.

It's not perfect. 

Even skylights in perfect condition are often installed with incorrect flashing, which is the metal that diverts water away from the penetrations in your roof (where roofs meet walls, chimneys, roof valleys, etc).

Unfortunately, the tenant was not a high quality one and proved to be less than a perfect fit in the building which has all families on the other floors.

My credit score is perfect, and I have no debt along with minimal expenses.If all goes well - I also plan to take out a Home Equity loan on my parent's house, since it is also all paid off and worth roughly 7-800K.