This will depend on what is permissible under current zoning, and you would likely have to get a variance or a rezone, which is quite a cumbersome en devour but could turn out be very lucrative.

You can calculate a pretty good estimate of what a tax bill will be with this calculator here: http://fiscalofficer.cuyahogacounty.us/en-US/prope...Just choose the correct city or suburb, enter the property's price, and select "no" as primary residence.

James and Shanti Kandasamy  There are companies that analyze sales and publish that information such as Korpacz/PwC  http://www.pwc.com/us/en/asset-management/real-estate/publications/pwc-real-estate-investor-survey.jhtml A cap rate is only as good as the details of the NOI. 

En route to that, I expect to focus primarily multi-family, however, I really think I could nail down the travel nurse (healthcare market) if an exceptional deal came along on a SFH that fit the bill.

For the cash flow investor, LA would be the $en$ible buy.

In case it’s any help, we totally hear your point about being able to delete pending prequalification and application invites, so we made an update where you can now delete them: https://help.rentredi.com/en/a...Hope this helps!

Quote from @Kenny Cho: If this were my client, I would advise against this.Much better ways to utilize 1M in cash. 

After checking our useful City of Chicago Permit Violations Websitewww.cityofchicago.org/city/en/depts/bldgs/provdrs/...I found the following, see image below.  

Maybe en Rent Stabilazation Board could point you in the direction of classes, publication to get you started.

While waiting for their unusually l-e-n-g-t-h-y process (and their proud claim that they close in only 50 days :() to wrap up, I was wondering if I should pick up something in Cleveland, but I agree I have to do a lot of due diligence.