@Josh Miller In terms of working with siblings, I think so you all get along and feel even stevens I would recommend just selling it, not worth severing or straining relationships. 

You still need to make sure you cover all bases in terms of abandonment. 

The list from Brandon Turner for the most common items include; Roof, Water Heater, Appliances, Driveway, HVAC, Flooring, Plumbing, Windows, Paint, Cabinets/Counters, Structure, and Landscaping.Would anyone in my area care on sharing some of their typical numbers in regards to these items(and any I may have overlooked) in terms of cost and life expectancy or any other tips?

To put it honestly, I'm picky about the place I live in terms of location and living in a decently nice place - doesn't have to be luxury but not run down.

@Christopher Silich yes, I just look for stronger returns in terms of the rent to price ratio.

I apologize, I have no value to add in terms of the Illinois market.

The $500k-$1m range is an awkward range in terms of getting a loan since a lot of lenders don't play around there.

Also curious how well this estimate fares in your guys' experience in terms of accuracy?

I confess I did a lot of market study and looked at tons of places but no education in terms of maximizing my cash flow or tax deductions.

But I think it's simple lawyer wanted to dictate the lease in terms you may or may not understand the future implications of and leasing agent appears to be lazy and doesn't want to go through getting a new tenant.