I agree the rents are a little too low considering you would be paying most of the utilities. 

I agree, the OZ is certainly a threat to real estate syndicated deals but most of those deals are shorter-term, not 10 years. 

@Nathan G.Oh I agree with you they don’t have to do anything.

I sold it FSBO, agreed to 1.5k realtor commission (mistake) for the buyer agent etc etc. - I decided I didn't want to mess with it because Im starting another project with higher potential return.Now, as an example, I look at this one:https://www.zillow.com/homes/63-GRANVUE-DRIVE-BELL...Its on the Auction block, if I picked it up for 2 or 3k, and sold it for 10k to someone else who wants to work with it, essentially a wholesale deal, and didn't spend any money fixing it up, and agreed to max 1k realtor fees if any, I might make some money on it.If you go to our county tax assessor site, and search '63 Granvue', youll see that 1) the total taxes for 2018 are $2981.38, and 2) they are paid by the bank already for 2018 http://www.co.st-clair.il.us/Pages/parcel.aspxWhat I am asking is - if I bought this at auction, and sold it within a couple of months as a property someone else can rehab, how would the property taxes work / what would I end up paying? 

If the liens exceed the purchase price and a mortgage is involved, your hope is to do a shortsale.If there are no other loans currently on a property, the old 2nd mortgage becomes the 1st mortgage.When explaining this to the seller, agree on your purchase price and let him know that the mortgage being paid off will come out of his proceeds.

It’s harder to change the amount after they have already agreed to a number.  

I agree with Alex in that if you have 50k total to invest, the suburbs of the aforementioned areas may be best.

I agree with the others here who say MF is better than SF.

@Nadine Delille strongly agree with @Eric Jacobs.

She might move out on her own after you talk to her or she might agree to pay for the pool or increase the rent.