Uncle Sam takes 1/3 and you have to go out and do it all over again.The goal, while you hold rentals, is that you receive enough rent to cover the cost of owning and maintaining until paid off.

My uncle has worked in the court systems and in general as a psychologist with sex offenders and people with sexually deviant behaviors most of his career (30+ years). 

Unless you have some rich uncle giving you a bundle of money and saying "Here, Donald, go get started", money has to come from somewhere.

Hey there, I’m working on getting my first deal going and will be going the private money (uncle) route for buy and rehab.

Most of the inherited 401(k) money goes to Uncle Sam, thank you very much!

@Roger Verastegui kitchens and bathrooms will get you the most value out of your money.

Maybe Lincoln Park, Rogers Park, EdgeH20 (or other lakeshore communities).

@Roger, your situation sounds unique and could present some issues if there is a loss at the location.

The uncle who is a lawyer wanted to co-sign for 30 some year old tenants. 

I started when I was 22 and I got some advice from my uncle who is a lawyer who said that "a lease gives the tenant too many rights, you're better off without one".