I haven't been investing long but I have about 990,000 in equity (estimated based on sales price of comps in the area). 

 @Owen RosenI wonder how much of this is based on the insurer you have, the amount of properties they insure for you, and the type of claim you file for.

Some pre-payment penalties are as long as 5 years which a likely dropping interest rate environment over the next year or two can be very expensive when you cannot refi because the PPP is to much. 

I don’t know how bad cause I’ve never really dealt with mold before but it’s in about every room and the highest point is about thigh high from the base boards. 

Is there a certain cost per unit I can expect to pay based on the condition of the building? 

We are going to get the structural engineer inspection and decide our course of action based on what they say. 

I am based in Bloomington-Normal, IL, just two hours south of Chicago.

Perform your banking wherever is most convenient to you not based on where the bank's physical presence is located.

How much notice would you say is reasonable, considering they are kind people (despite being dirty and missing payment dates) and will have a hard time finding a place to bring their large dog.I'd given them written notice based on the rules for your area to get the process started (whether that's 30 days or some other number), and then tell them you'd be willing to work with them on the official move out date (within reason) if they need a bit more time to find a place so long as they are current on rent.

Based on my calculations, this would lead to cashflows around $700 per month.I am now looking more into FHA loans and wondering if that would be a better idea since I can only use this on my first property.