Moving to Chicago! Where should I buy?

[Samson Kay]

I recently accepted a senior level position in the chicago area! I'm not only excited about the position and the location, But I'm very excited to expand my real estate investing to the chicago area!

My first play there will be to buy a multi-family for an owner-occupy until I get familiar with which areas I'd like to live in permanently. Preferably a 4 family where I can get the best terms for a residential loan.

Chicagonites! Where are the best places to buy/live for the value. I know that there are parts of chicago (particularly South Chicago) where you shouldn't buy unless you own a bullet proof vest. But these are also the parts of town that seem to be claiming the highest cap rates. 15% Caprates?! WHAT?!

I bet rent collection is a huge issue in this part of town.

As always your comments are appreciated!