Also with tenancy in common the owners may have different ownership interests whereas joint tenants must have equal shares.

If all things bring equal, which one do you think is better for my bottom line?

Whatever that equals should be a good estimate of monthly cost for utilities and maintenance (according to VA guidelines).

Price above value always equals a walk last time I looked.

If all things are equal (they never are) I would go for the lower price point on the first one.

By the way, the 50% rule you weren't 100% clear on is this: Over time, the expenses on a rental property will equal approximately 50% of the fair market rent.

Meaning all else people equal, if you're looking at 2 deals, both 8% caps, in IL vs IN.  

From what I've gathered the State equalized value is right around half of what the property was bought for.

Hello,I hope this post finds you well.I purchase and sell vacant land using the following method:  1) use direct mail to find people who do not want their property, 2) purchase that property at 15 to 25 cents on the dollar of retail value, 3) sell the property on Seller financing with a down payment that recovers 25 to 100 percent of my cost basis followed by 120 months of monthly payments.As a way to maintain my ability to continue to purchase more land, I would like to find a lending solution where I was able to borrow an amount that equals the difference between my cost basis, and the amount that I was able to recover on the down.  

For those that can afford that price tag, similar/equal/better deals (as a "retail" buyer) can be found in other neighborhoods.