They are local and based out of Fair Oaks, CA.

If you had to supplement the unit to the extent of $250/month (I would consider this fairly low suppplement for a 95% LTV) you have $3K out of pocket above incoming

Real estate market is fairly competitive but deals can still be had.

Are they able to rent homes out fairly easily?

Any recommendations for 1) brokers who could do the BPO (ideally I bring the broker to ensure Independence); and 2) an Illinois lawyer who will know the mechanics of setting this up?

It's fairly consistent.Is it just that the water usage is abnormally high?

Your tax planning is going to be fairly straight forward at first, and mostly any qualified person can help you just fine.

If it’s a good property and your intent is to hold it for partial personal use, what is the problem with paying a fair market price.

How to ensure Listing Agent presents your offer to the seller.In advance of even looking at a listed property:1. email or have your buyer's agent email your Approval Letter for your MAX purchase price, regardless of how much higher it is than the list price of the property you are considering (the higher, the better) & an Attorney Escrow Letter of $5000 or more (the more the better)  to the Listing Agent with instructions for the Listing Agent to forward the email directly to the Seller. 2. take the two letters with a copy of the email where it was sent to the Listing Agent and mail them directly to the sellers, this way that have something physically in their hands, letting them know you are a REAL buyer are not playing games! 

Want to ensure that insurance, taxes etc is paid.