It helps them clear their past due balance and often times they pay several months into the future too.

I am always a fan of financing so I have the ability to pay over time and the money I pay with future payments would be worth less due to inflation, freeing up my capital on hand for other ventures.

Welcome to BP @Mariana Diaz and I wish you all the best in your real estate goals and future.  

Bruh, if youre trying to compare multifamily homes in Chicago, which are 100-300 year old homes to new construction....then you really do have to re-adjust your expectations.

I am talking about a legal insurance company that would write a policy that a lender would accept.

All of a sudden they are wanting to “re-discuss” the lease because the neighbor’s dog barks a lot and they play music in the middle of the night ie 2:30am until 5:30am quite often - week days, weekends, it doesn’t matter.

Walking away is a good strategy if you think they could come back at your terms, in the future, or at least try to reopen negotiations. 

Probably an extra clause in the lease should be added in the future to insure the tenant accepts the property as is when it comes to these internal elements.

It also depends on if your itemized tax is higher than standard deduction for you to write off your real estate taxes...Bottom line, talk to your CPA on this since this seems more like a tax question than an asset protection question.

Based on what you're describing, I think your going-in criteria is definitely something that is strong *however* your goals may not match what current market reality is.When you say $3200/month payment - do you mean $3200/month before or after accounting for potential future rental income from your tenants in the other units?