I am not really looking for cash flow as much as a long-term buy and hold investment in a really solid location.

A plus to those two suburbs is that the Chicago Bears have recently placed a bid to buy the Arlington Heights race track in hopes to turn it into the new Solider Field, this will be a process which takes a while as the Bears are currently still under contract with Soldier Field (Chicago) until 2033 which some talk has began about the contract being bought out if the inquiry for the Race Track goes through.

list it for sale and rent and if a good enough offer to buy it comes in they will take it or if a solid tenant comes first they keep it. 

I just know I dont want to buy in the ghetto. no problem with section 8 at all (as I will vet the hell out of the candidates and a guaranteed check is a solid thing).

Solid personal financials will help secure such financing before you have a proven track record.

Hi @Justin G.Congratulations on your deal, looks solid.

To be on solid footing if there were ever an issue to arise, you really have two options 1) collect rent and then since you are eliminating their use of the unit put them up somewhere 2) provide a credit or reduced rent for the days the unit is taken out of service. 

Solid down payment, 12 month lease with a fair price?

I have never seen any actual evidence of anything remotely similar to a causal relationship like that being the case.

Depending on how hands-off you want to be there are a few solid Turnkey providers here in Memphis.