But I like that area and think property values will be worth a lot more in that neighborhood 10-20 years from.

I may have property that has an old abandoned auto shop I can remodel and repurpose to a commercial kitchen.

The ones in S.F. go into specifics of the market, neighborhoods and rental rates, etc.

Located on the elbow of the shopping center. 

That should take the most time - determining a realistic ARV and market rent should be the work of just a day or two.If the numbers all work and you've satisfied yourself with the neighborhood, it's time to put one foot in front of the other by making an offer.

Buy a large 4-5 bedroom home in a nice neighborhood and rent out the spare rooms.

Some neighborhoods with high appreciation rates:Loop, Lincoln Park, West Town, Lakeview.

I can usually save a decent amount, especially if I keep eyes out for deals and buy when these items are priced most competitively and not necessarily when I need them.Using the bathroom remodel apartment as an example, I will spend $1,500 more per unit than most of my competitors who renovate in the same market but that $1,500  (5% of my apartment renovation budget) gets me  oversized soaking tub in most units, nicer tiled bathrooms, counter tops that don't look like every other apartment in the neighborhood & a step up in appliance package and better quality fixtures.

I flew down to the Madison area and stayed with friends while I house shopped.

In Chicago class A/B neighborhoods you can still get .8% rent to purchase ratios.