Any advise would be great.I’m looking to get in under 200k including restorations if any.

Restoring a city could take years, or it might never recover.

It can put you ahead if your a hard worker and stand out from the rest or it can set you back if your lazy and unmotivated.

I won't even go into the filthy condition of the place.I would have required them to pay my contractor to restore the condo to the original condition.

I'm finding other refurbished stuff, but not in my location...I've called all the used appliance places around me and none have stock (including Habitat for Humanity Restore).  

I can seem to rest or take a day off.

There is nothing wrong with that but if the work is done without permission you may face a huge penalty and/or you may be asked to restore the building back to the original design.III) incorrect misc. informationa) the property has the same number of meters as units but the renter does not pay utilitiesb) the property just got determined to be in a flood zone and the insurance doubledc) the owner was managing the property himself so he was not spending any money on: - management, maintenance, accounting, etc.d) a drug dealer just moved in and now your property is his workplacee) the owner is asking for a too low CAP rate. e.g. he is selling it at CAP 8% while the neighborhood sales are at 10-12%. 

I had a flood in August 2011 which cost me $15,000 out-of-pocket to restore the basement as I did not have flood insurance at the time.My new CPA in Atlanta tells me that since lived in this home for half the year, I cannot depreciate the Chicago rental property in 2011.

I love the idea of taking an old property and restoring life and beauty all while still making a little cash in the process.

I'm estimating 7-8K for: paint / supplies / 2 replacement windows / update lighting / replace kitchen floor (broken tile) / Missing plumbing / restore wood floors.