We have high income, low income, areas of great appreciate, areas of great income producing, section 8, high rent condos, middle class suburban....it all depends on your goals and budget.Second, I didn't say you couldn't trust comps in Chicago, I said you couldn't trust them in the neighborhood you are looking.Third, there is no substitute for going to the area you are going to invest hundreds of thousands of dollars. 

Purchased it for about $115,000 with about $5,000 of my cash. mortgage was about $850 a month plus utilities.

Question is  "can landlord recover damages and lost rents, utilities and advertising in addition to security forfeiture, or must security deposit be used first for lost rents and damages?"

All park utilities are new within the last 8 years.

I would build in a reserve fund for your cash, instead of 53k I would budget for 60k-70k at least in case you run over on rehab or during the 6 months of rehab you have utilities, property taxes, etc. 

Prices are sky high and it seems like buying at these levels would not produce much extra cash flow.2) How difficult is it to invest out of state? 

@Stephen R.While co-investing alongside one's solo 401k is not prohibited if the TIC rules are followed, utilizing financing under a TIC transaction would run afoul with the prohibited transaction rules.

I plan to utilize a couple of strategies in this deal, such as lease/option, rehabbing (adding value), renting it for cash flow(potentially Airbnb). 

Also you have no expense for insurance, or utilities, and your repair budget seems a bit low.

@Abi Wegman it ensures the trash company gets paid but it can be included in the terms of the lease just like all other utilities here.