Chicago is in Cook county and that is one of the worst counties around you'll find in terms of landlord laws. 4 to 6 mos for an eviction is not unheard of - thats the norm. 

Our county is on the smaller size compared to larger Metros, such as Cook County/Chicago, and is a rather straight forward process when you purchase a building with a Section 8 tenants in place.  

The oil industry tanked and I had a baby on the way.

One of the many reasons that FHA loans aren't all they are cooked up to be when it comes to REI by many on this website-- you identified a few other key differentiators. :)

We basically have been paying a few expenses (mortgage, taxes, oil, startup fees...) and collecting rent.

My family is considering a move to the Lafayette area, so I'm just trying to come up to speed on the area quickly.With the university in town, and having heard a little about the economic depression due to falling oil prices, the place *seems* ripe for a good rental market.  

But I guess you are the guy who brings his own steak to a restaurant and asks how much just to cook and serve it ? 

Look at oil at 150 and gold.  

Estimated monthly expenses:Moorage (rates vary)Electric (rates vary depending on usage)Propane for heat & cooking = $10 - $30Fuel (rates vary depending on usage)Estimated annual expenses:Insurance (rates vary) $100+ per yearHaul out and bottom paint every 1-2 years = $2000 Replace zincs, dive service hull cleaning every 4-6 months = $150-$600Engine maintenance, tune up, oil change = apx $400 (rates vary, required services vary)Registration tabs = $80 - $140Let me know if you need anything else!

What is the useful life of your heating system, and should you change it (for example, converting from oil to gas)?