Without looking deeper into numbers ( purchase price, ARV, potential expenses, cash on cash...) it's hard to see if the deal is worth the hassle.If this is your first deal as an investor I would say this is really bad and to complex project to take since you do not have to much experience.

Meanwhile I am always looking and trying to invest elsewhere.Currently I am looking for:Multi famliy, or single family rentals in or around:Anacortes, WashingtonMount Vernon, WashingtonOak Harbor, WashingtonBellingham, WashingtonVancouver, WashingtonMissoula, MontanaVacation rentals around:Puerto RicoSan Juan Islands, WashingtonI know nothing about, but am very interested in wholesale property as well.My real estate goals are to eventually buy and hold a large apartment complex and  a large amount of vacation rentals.

Where you should focus is a more complex question.

so Im trying to get some practice analyzing apartment complexs and im having trouble understanding taxes.its a 7 unit in Milwaukee Wi that rents for $600 a unit which ends up being $4200 a month /50,000 a year rental incomeI guess my only question is what the heck are special taxes?

Hey Ian,I have a 100% occupied, 47 unit complex waiting for the right investor in Longview.

But I think you're causing yourself unnecessary stress by looking at these (admittedly complex) issues as things you have to solve from the ground up.  

I seem to recall there was stuff like a 24 hour on site manager required at all complexes (crazy and would put most small folks out of business) and a no income source rule that would force all but the higher end rentals into Section 8 whether they even understood it or were aiming for it (classic big penalty, stigma and lawsuit for violations).....I mentioned the small time folks may not all be interested in Section 8 or set up to participate and handle that market.Oddly, the assembly's goal was more housing, better managed housing, more affordable housing.

I found an apartment complex in the  South Chicago 60621 zip code off 72nd street in between I-94 and Memorial Park.Can any locals/investors give me any low down on properties in that area and confirm if the rents are about right.

If by "creative" you mean some sort of seller finance, they things are even more complex. 

this is a complex issue get legal advice