I'm in Jefferson Park, which is definitely a family-oriented neighborhood of Chicago.My question is: If you were me, would you rather own and rent a 3 Bed/ 1 Bath or a 2 Bed/ 2 Bath?

I am in an area with very low worker supply so the rate is $135-$150 a sq ft depending on style and niceties.

If you're open to doing Airbnb-style, short-term rentals, being near downtown on the east side or between Old Colorado City and Ute Vally Park on the west side are great locations, and the returns can be pretty great. 

@Adrian EasterlingI don't hold any secrets, not my style.

My advice is learn to be more detail oriented,  like actually reading the description of the forum you post in looking for advice, and see it's about maintenance and renovation.

The one under the files/letters is too specific and residential oriented. 

Yes, you will get a little bit more for a 3-bed house, but your renter pool will also be much larger, making it easier to fill, especially in an area like Pike Creek that is family oriented.  

The paint in other rooms is not great, mostly out of style and lots of different colors.

You can go the hard money route, fha 203k rehab, or conventional home style.

I would suggest calling at least a couple local licensed property managers and investor-oriented agents in the area and ask them about neighborhoods.