Paying anything less than a grand you are betting on getting nothing than warranty issues.

Or would the best bet, just stay and landlord and rent and keep the house forever?

If you can't find it, adjust to what you can find and adjust your plan accordingly.I bet you'll get a lot of far ranging answers to those two numbers. 

My lawyer is advising to convert the property to an LLC (at a $1K charge by him of course) and that will strengthen the case.  

If installing tile base, depends a lot on the complexity, can easily add another 5+ Most of the good guys are charging 700 in our areas for this, but will do these on the side. 

@Jon Lilley, Never bet against @Nicholas Aiola :)  He's spot on with a partial exchange recommendation. 

Based on my experience in the area and what he’s charging, his ROI figures don’t add up.At the end of the day, don’t trust everything you see or hear.

I am betting based on google earth images that the roof is in need of replacement soon.

In other words, I can't raise rent to the current tenant, but if I get rid of my tenant and get another one it seems like I would be able to charge the current rates; not sure.I'm in a west Chicago suburb.Any word of wisdom is appreciated.Thanks!

It ranges for many different reasons.If the lender you are planning to use says it is going to charge you $7k-$8k then put that number in there.Though, I must admit that does sound high.