Game Plan to my first property

[Eric Horn]

My game plan is I am aggressively saving $600 a month and I have two other people a good friend and a family member also saving similarly. We plan to start an LLC together and buy a property around $40-$50k by end of the year. We would do due diligence because we live in Chicago and can't really afford property here. Areas I am looking at are Indianapolis, St Louis, Milwaukee and Nashville. We would look to net roughly $250-$300 in profit a month after all expenses and fees including a good PM. Once our first property is a success we plan to take the equity out via a refinance and get a second one and hopefully scale to 10 properties quickly. Currently I am drinking the firehose and absorbing as much information and content as possible. I am doing pretend deal analysis for practice and fun on random properties I see on Zillow. I am looking at RoofStock Zillow the MLS Redfin for deals currently (Should I expand? Are their other options?). Any constructive pitfalls to look out for? Does this plan seem viable? Should I focus on my City Chicago, or is Out of State cool? Also I love the community this is my first post.