This question is definitely very location dependent - licensing across state-lines is a tricky thing to navigate so depending on the size of the lender they may operate in one metropolis or all over the country.

I'll definitely consider it. 

Chicago has so many awesome neighborhoods and Humbolt Park is definitely one of them!

Definitely recommend reading up on or talking with a CPA on what expenses can be deducted as a repair and what has to be capitalized, as that will affect possible losses. 

Those are the key things you’ll want to get squared away.You’re definitely on the right track!

And yes, definitely working to solve the income side as well along side this.    

If you didn't do any testing, you are definitely going to have an issue if the house was covered in mold.

I would definitely get rid of it, but I don't think it's worth much more than what you paid based on your updates.

I will definitely look into it.

In other words, we are going with something that won't cash flow positive and we're okay with it.There are definitely cabins that will cash flow positive, especially if you get something smaller that is likely under $300K.