I know that this is how most money is made in real estate by trying to force equity into the property, so I hope to be able to have time for it one day soon.  

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

I know cook county charges extra for their records too and they may not include them. 

I don't know how the numbers would look like now if someone is acquiring the property at this level.

With thorough research and the right local team, it can be a rewarding strategy.Let me know your thoughts!

I don't know, maybe I'm just overly skeptical?

I spend my time on the forums where I can interact with like-minded people. 

So I don't know if it makes much sense to buy a rental property for about 200k-250k, just to make a few extra thousand a year (based on a 5% return).

Yup, I know, I hope you have a better time. 

@Atul Mohlajee, I don't know Michigan's laws specifically, but none of this sounds out of line.