Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

And with the numbers being higher (1,000 sq ft cabins are going for 500k that I'm all in around 340k, 2,000 sq ft cabins are going for 800k that I'm all in around 575k), I can create the same equity and cash flow that I did with my rentals in a shorter period of time with less units and with property management built in.But I'm also sitting on a nice chunk of cash that I am really hoping I can hit on one more strategy so I can have two of these things generating equity and cash flow on every deal without having to park much cash into them. 

Beloit does house some large, well-paying corporations and lots of construction for new businesses in the business park off gateway blvd though, that have the potential to bring in larger amounts of quality tenants.

If each building belonged to a different owner, the only thing that they would have to collaborate on is, obviously, the courtyard (gardening, each side has it's own sprinkler system) , the intercom (about $120/month for the phone line), and the parking area (needs resurfacing).  

Such as storage, RV park, Mobile Home Park, etc. 

Which means, better schools, better roads/highways, parks etc.

Purchase price: $88,000 Cash invested: $44,811 Sale price: $190,000 1 bed 1 bath 3rd floor walk-up just a block from the lake in Roger's Park.

After a while, you will know just from looking at the listing or a drive by if you are in the ball park. 

Brokered a client this 5br 2ba house in Portage Park neighborhood of Chicago but the cheaper less nice side of town for $350,000.

However it could be location,  Common area, size, laundry, tenant qualifications (in rough areas you are not going to get many tenants with unblemished credit), parking, look of surrounding properties, etc.