I would have asked you what your long-term goal is but you have already thought about it.

I would recommend you begin researching Chicago based meetups as there are a bunch of really good ones.

It doesn't take long to learn how to spot a good deal.6.

As long as the property cash flows, that's what is mainly needed. 

BP COMMUNITY I’m Christopher Espinoza ,I'm based out of Long Beach, CA and I’m passionate about helping homeowners in Detroit, Mi.  

It's now converted into a cash-flow positive long-term rental.

. - Substitute goods.

But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.

Even if you have a higher return in the stock market, you'd be doing it with a lower basis after tax and it will take a long while to recoup from that.