One other thing to look for in a future architect, is one that has a track record of working with developers AND knows the entitlement processes for the very specific type of development you are doing.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

In your experience do those rental comps hold true if you go North of Addison (specifically Irving & Kedzie area).

Is that across the board, or target market specific? 

I suggest looking into local investing groups on Facebook to connect with more people in your specific area

A second option is getting a DSCR loan.Lastly, knowingly leaving deductions off of your tax return to qualify for a loan is mortgage fraud. 

Specifically, creating a property project timeline for work that needs to be done and when to prioritize XYZ.

I've never done this before, and I'm not finding a lot of info on the subject here on BP, especially as it pertains to Missouri specifically. 

I’m actually looking for an out of state property, being specific in the Great Lakes region (OH, PA, IL, etc) and I’m looking for my first investment property Hey Juan,I 4 doors out here in Ohio and would be more than happy to help you get started investing here.

Instead of this, I find it more helpful to look at percentile performance across the market for a specific asset type, and also to check comps.