You can save a lot on costs if you do many repairs yourself.Look into hard money lenders or private lenders for the initial purchase and rehab.Connect with wholesalers, agents specializing in investment properties, and other BRRRR investors to find deals and learn more.

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

This would allow you to sell a property you had purchased with the intent of holding for productive investment use. 

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

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.

It may make sense for the right purchaser to repair.

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.

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. 

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