Hi There - We have had several clients make the numbers work here in Chicago typically with either FHA 203k and home style renovation loans.I continue to remind everyone that a single or walk right now will be a double, triple, or even a home run down the road. 

Home values typically fall between $150K–$200K, which provides a solid balance of affordability and appreciation potential.

@Steven DeHart the meet up is typically at Walk Ons and starts at 6:00 pm.

Taking a boiler plate contract is not going to be helpful as they're typically customized to people's needs/wants.

Where it is peeling away, I would scrape and see why it didn't adhere well.

Typically, you want someone whose skill sets compliment yours, not match.

For example Avondale typically has 2-4 units for sale with 2/1s at $1200-1600.

I would imagine you're capped at 70% LTV to make the DSCR work at whatever threshold that lender allows (typically 1.00x) or maybe it's a credit/FICO issue. 3% in origination also doesn't seem too far off depending on the loan amount.

(Think of it as you are the "bank" in a typical REO transaction). 

So there will be a long lag between when you invest and when distributions start. 6-12 months typically.