First Investment Property, What The Hell Am I Doing?

[Rachel Wagner]

Hey everyone,

So I just signed up for bigger pockets and am brand new to real estate investing. I currently do rental arbitrage, meaning that I lease from landlords to then rent out the properties on sites like airbnb, etc. 

But I just got offered the opportunity to invest into my first ever property that a friend of mine is looking to sell. 

It's in Bradley, IL... About 1 hour from Chicago and around 50K for 2bds and 1 bath. 

I knew I'd be purchasing properties sooner or later but now that it may be happening I'm not exactly sure how to go about the whole thing. 

I know I'll be doing some renovation work to make it more appealing since I want to turn it into a short term rental that I'll actually own. 

Any advice? And anyone in the surrounding Chicago area that's an agent, contractor or property manager?

Thanks in advance!