The basement is currently flooded most likely due to a failed sump pump.Buyer is responsible for Title V, smokes, CO, etc.The most recent 5 BR in Chiltonville fetched $2500/month, while a 1 BR should be $1300 - $1500/month.  

I walked into the house and the house was filled with heavy oil smoke.

Are there any Chicago landlords out there familiar with smoke detector code in Illinois/Chicago? 

Our inspection uncovered that the smoke detectors were battery powered.

You can take an action against all of the parties however;  you will find that there will be diminishing returns after the smoke clears.

I arrived home to a strong smell of smoke, and found the right-rear burner of the gas range turned on, with two very charred chicken drumsticks sitting on a white ceramic plate.  

I am actually looking as a tenant at a place and it is currently occupied and has a decent scent of cigarettes.

Figure out what market rents are, draft a month to month lease that details everything you want them to know (late fees, when rent is due, where they can park, if you allow pets, smoking, water beds, etc.)Once you have closed on the property, go to their unit and introduce yourself as the new owner.

.- replace front and back doors and door frame (2)- plumbing/wiring for Washer/Dryer hookups- get kitchen outlets up to code so appliances work safely- paint and add knobs to kitchen cabinets - kitchen sink fix (replace faucet)- insulation of windows - plastic lining- make sure smoke detectors are working/to code- get garage door working - needs to be hooked back up - exterior siding cleaning OR paintingLet me know if you think this sounds reasonable or not...

Unless the deal is smoking hot, which you could go the HML route, you're not going to get funding without putting a decent down payment down.Edit: Forgot to add the route of FHA+203k loans.