Congrats on your lot purchase in an awesome Chicago neighborhood like Humboldt Park.

Very few non-owner occupied property policies guarantee full replacement cost - they typically provide replacement cost up to the dwelling limit purchased. 

It may make sense for the right purchaser to repair.

These areas not only offer reasonable purchase prices for most investors but also feature turnkey homes—either newly built or fully renovated, ready for tenants, with systems that still have 10+ years of life remaining, and property management teams in place.

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

Purchase price: $145,000 Cash invested: $60,000 Fully renovated 4-5 bedroom ranch on 3.3 acres.

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. 

@Grace Solano , congratulations on your purchase in Queen Creek, AZ.

To add to @Ashish Acharya, I would recommend using your retirement funds for notes that earn a nice interest rate, if you're into self directing.Given that you want to purchase a short term rental, I'd highly recommend not doing this within an IRA/401k. 

Quote from @Jerry Zigounakis: Wondering what everyone's experience is starting an LLC or sCorp to purchase your investment properties under?