The banks will withdraw money and hold it in limbo for awhile-- they use this "float" to increase profits.

Mostly in terrible condition.

The closing was set for sept 11 and everything was going smooth, we got conditional approval thus far.

I increased the rent by 50 bucks.

I could increase the cash I have up to 140k since I could get some money out of my 401k and also trough some friend loans (I prefer not to do this).

It may take two years to execute, but you can cash flow during ownership and enjoy an increase in value from improving the performance of the property on sale or refinancing.

What were your conditions for out of state investing?

I would increase your CapEx and Maintenance expenses (I use 10% each for older, lower valued properties), but I err on the conservative side. 

I plan to do the same thing or utilize the 203(k) loan to make some repairs depending on the condition of the duplex I find.

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).