The numbers appear to be double what they should be, but maybe I'm mistaken.

I'm a first-time homebuyer interested in buying a house that's in a different state per the pictures online from the outside to the inside appears it to be in great condition ( great priceas well), however it's been on the market for 230 days. 

I would start talking to the brokerage houses in Chicago, as they likely rep tenants well into the suburbs, like Bourbonnais appears to be.  

All utilities and power appear to run adjacent to the parcel. 

It's probably equivalent to being struck by lightning.If you are still worried about it, get an umbrella policy of $1 million for around $200 a year.

Oftentimes, when appraisers walk into a rehabbed property, they assume that the value is LOWER than an equivalent house that isn't being flipped.

Now assume that the property you put the $40k on only cash flows $150 per month, equivalent to a return of 4.5%.

What you have goin on seems like a lot, that said it seems you can handle the operations part of it, it just appears that you are sweating all that money comin out.

Based on your context, it appears that you are considering the option of becoming an investor and looking for investor rates.

This guy appears to be off his meds.