You may annex into a city or get the planning commission to approve a density of 4 du/acre. 

In general, there are 2-3 main developers that are killing it in the City of Newark.  

I would check with your municipality and codes office from what you have stated this property is uninhabitable and should be condemned if you have a friendly codes officer that may be another option to look into.Obviously, this is not legal advice if you do the lock out and board up on your own just know the consequences; in my metro area an illegal lock out will get you arrested and law enforcement does not want to get involved in this type of issue too much liability for the officers and the city.   

I would say, when looking at a span of 30 years though, the main benefit is usually appreciation.Not to mention, there are 3 other benefits to owning real estate!

With this article's national view point of the real estate market, but I am curious if that is the case in a local market like Milwaukee, WI or any other mid-west city.

In any event, if you are looking to invest in the Panama City area, I recommend reaching out to @January Johnson! 

This is the main reason I think LLC's are often a waste of time and money for the average mom and pop landlord.

Generally, the more the ADU can feel separate from the main house, the more value you can add.

You might not have enough space and legally would have to dig which likely completely negates the rental units value for some time. https://www.chicago.gov/city/en/depts/doh/provdrs/homeowners...2) Full building systems alone are likely to run you well over $120k if you are doing everything on a building that size and age in Chicago.

There may be some longer term redevelopment plays there as it seems the city would like higher density in that area.