New to REI, looking for some guidance

[Arif K.]

I am trying to get started with REI in the Chicagoland area but struggling with a few nagging, unanswered questions. Unlike 2008-2012, there is not a surplus of inventory at rock bottom prices that can be scooped up. The MLS listings I am seeing - in the west suburbs - already have multiple bidders and are getting under contract shortly after listing.

Does this mean that I am looking in a very competitive area and as an investor should be looking elsewhere?

What sites would you recommend to get notified of foreclosure listings?

How do I find reputable contractors to estimate and rehab a foreclosed property? Any recommendations?

In this area, what are your strategies? Are you looking to fix and flip, cash flow or hold for capital appreciation? 

Capital gains tax on fix and flip will further lower any profits. Cash flow seems hard in this market. Holding for capital appreciation, will that really work in IL?