Your plan sounds ok except I would not want the tenants living there to know I am the owner of the home.

I think that once you decide where you want to invest...focus your next efforts on building an exceptional team. 

The few circumstances where it would be returned would be for Title issues or damage to the property after your contract was ratified.  

Except that now it's the 21st century, so it doesn't take 20 years, 4 or 5 years will now do the trick.Local to my market, the way this has played out...Anything 2-4 unit on the MLS, the sellers get 25 offers.

In Illinois, in no circumstances, is it in your favor to accept partial rent payments.  

Nature and circumstances have created boundaries around good ole MIA. 

What do I offer knowing the balanced owed and what the circumstance is.

Three basic fees, which I won't share here (legal/professional reasons) but which are same or better than shown:Leasing fee negotiable/size of portfolioMonthly management fee/negotiableRenewal fee/negotiableEviction, inspections, move out/turnover management all included except for costs (filing fees, contractors, etc) and lastly, a small percent markup on repair services for the administrative load.Oh, and sorry, we're aggressive about collection so we keep late fees.

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@Dalwin Garcia Rent control in Passaic applies to much any investment property except: single family home, single condo/coops, owner-occupied 2-family and new construction.