HelloWe've had great success on our two SFH long term rental properties, and one of the parts that I really enjoy in this endeavor has been the deal analysis. 

If you start one, you are no longer a landlord but also have to work on all aspects of running a business! 

One of my good friends and I were talking about different investing methods and decided we would be each others accountability partner.

Normally does not wipe out government liens like IRS, demolition, mowing, preservation, etc.Some place it also does not wipe out water/sewer/utility liens.IRS I believe has 120 days to act after the foreclosure, I can think the other ones sunset.

@Teekap Pate there is a very slim chance you will find something on the far north or far south side of Chicago on the lake front at that price point and even less likely chance you will find one that works with the HOA dues.In my opinion, you'd be better off looking for condos in those areas that need renovation - flipping.

Any tips for where to look or any one have example rehab templates?

This is the most common oversight by self-managers, but it's the one that could be financially catastrophic.

One alternative for larger and longer term equity liens are DSCR cash out refinances.

You have quite a few things to get more smoothly operating but I will throw out a few quick ones.

There are a lot of options out there and my only suggestion is that you take several for a test-drive to see which one works best for your operation.