I'm located in Cary, IL which is a suburb roughly an hour NW of Chicago. 

It's a rough guide, but don't use it to make an offer.

So basically on a 200k house that rents for $2000 at 5% ownership taking 24 months to refi they'd make $7300 or more:$4800 (10% of 24 months at $200/mo) PLUS $2500 and some change (ownership buyout with a 25% down payment on 200k house assuming no appreciation leaves roughly 50k equity $50k at 5% = $2500).Thoughts?

That's why it strikes me, as a lay observer, as a much better option for Greece to take an exit now, as the next 5 years will be rough either way.

Thanks for the posts.My budget for the heat is roughly $3k.

I will definitely be "roughing it" for a little while.

I don't know their motivation but if they bought it for $120k they are cash flowing roughly $1300/m which looks great on paper.As far as all cash or finance...If you pay all cash that's $2000/m cash flow and you own 1 property.If you finance with 25% down that's roughly $700/m cash flow with 1 property.  

It was rough.

best however to get a good one at the start as once you grow the transition can be rough.  

I want to use roughly 15K of this to be put toward the 25% down.