I'm assuming at this price you are buying one of the 2-acre parcels where the subdivision is not yet complete.

While people will share a bathroom in say a 2/1 it is likely a harder sell in a 5/2 and the price you command is less. 

The tax is based on selling price minus purchased price.

Chicago has a fantastic real estate community, and there are plenty of networking opportunities.

Just like the asking price, just because the owner suggests one interest rate or term doesn't mean you can't offer something different. 

Can't beat that price   

They will get the highest price and the best terms for their property by marketing it professionally and exposing it to the maximum number of retail buyers, which means putting it on the MLS with an agent.

THEN I contact the agent and ask for concessions if I feel the needed repairs or costs go excessively above and beyond the price I’ve already negotiated.

Instead of selling the home, you could continue to rent it at market prices either to the seller or a new tenant once the initial lease was complete.

Purchase price: $82,500Bought this 2 bedroom condo in Manchester in April 2018.