5th pic: Framing started All plumbing & electrical was done - WE are now sheet rocking both floors and will share some images once we are done :-)

Couple things to think about with regards to spreading people out from city centers:Even if the 2 hour commute is tolerable/desirable etc, there is still fuel/electricity that has to be spent during that ride.

To get it in that condition would be roughly (and I've estimated high on all of it)Upgrade to hardwoods on second floor, and refinish first floor. 12KPaint interior 5KUpgrade appliances and plumbing fixtures. 5KUpgrade electrical fixtures (some have been upgraded to stylish black wrought iron look which is popular here) 2KNew HVAC first floor (second floor HVAC replaced already) 5KLandscaping 5K (this may be really high, but I figure it pads the other numbers in case something comes up)Total rehab 34KSo we've had some investors come and look at the house and offers range from 290-300K.

I have used and am happy with Mickle Electric and Heating.

So if your end product is 40k  lets break it down.. not a sales pitch or what you want to hear.your turn key company or provider is going to want to make at least 10k.. that's common in the industry.. that leaves 30k to do all this... your contractor putting it all together wants to make 3 to 5k.. so that leaves say 25k to put it all together.to have a sustainable rental.. you need New mechanicals new roof.. sewer scoped and replaced if needed up graded plumbing and electrical.. new paint and flooring.. cabinets and appliances and hot water heater.. this all cost at least 15 to 20k.. leaving you to pay 5k for the asset...

BUT the seller has been doing some major renovation work (new bathrooms, plumbing, electrical) but without Chicago permits. 

I had to put in new electrical and plumbing, which was costly.

Is the landlord paying electric?

Don't forget the electric, water, sewer, gas bills you will be paying during the rehab process.

Many houses now have "snack kitchens" in their family rooms -- a small kitchen with a smaller refrigerator, a bar sink and a microwave.