However the property we bought (2br/2ba at Cornerstone) came with a tenant who has a lease until 7/17 and has indicated that she wants to renew the lease.

The fed has indicated they intend to raise rates up to 4 times in 2017, assuming no major shocks to the economy.

Do not contact Him or his realtor or his mother by text or email - all future communication should be through his corporate attorney and we should fix the dry wall problem in the swimming pool room bathroom and he will be reporting it to city of oak brook on monday for the record4. if items are not repaired in 5 days he will fix them himself and send me a bill5. he went on facebook got a picture of me and my wife at our engagement party from 12 years ago and calls me a dishonest liar and he and his attorney wants to know if we are US Citizens - I am guess this is from our skin color since there was nothing else in the photo to indicate anything "un-american" for point 4 i have reached out to the city of oak brook with details via email and hoping to hear back soon from them monday perhaps) obviously this guy is going to lie his heart out. 

And the HOA is another fee you could've avoided or minimized by selecting a different property.

I can easily afford the 6%, my lifestyle is minimal and we save 100% of my wifes full time income for REI, so this is just another way to plan for the future.

For the multifamily any time the meter indicates they are using > 35 gallon/ person/day  we evaluate the use. 

He is currently paying $700/month for rent and rental comps in the area indicate rent should easily be $850/month. 

Most Agents IMHO advise their clients in pricing at a low price to sell quick and minimize their time.

Your best bet is to look for a real estate investment that you can owner occupy at first to minimize your downpayment.

Having these clauses and "extra time" in your contract should allow you to take action with minimal risk.