Wise or unwise, the climate is not prohibitive except fully rain exposed.

Mold is ubiquitous in the environment and you and I are exposed to it EVERY DAY...90% of home will have some level of superficial mold in them (surface stuff around windows or doors, bathroom surfaces etc) , but 99.9% of it is totally benign.

For utilities (electric and propane), I am using the number the current owner gave me.

Then, gotta deal with fines and headaches you don't want to expose yourself to.

The risk still exists if you put 20-25% down, but as you see your actual capital is way less exposed more so the bank's.

Electric tape around exposed wiring.

Since the weather in Chicagoland is nearly identical to MKE area, maybe 1 degree warmer average annual temp if that, I'd certainly assume that any property that has electric service also has a gas line running to it, unless you're in a rural area where they'll often have a big propane tank sitting outside someplace.

So far I don't like the insurance agent counsel, but neither do I want to be exposed.  

This is becoming a popular option for cabins in the area to install, much more efficient than the baseboard heating many have and more practical than installing a propane system.My place: https://post.craigslist.org/k/tqTJaAlD6BGJPAqtBO1S...

Throughout the years, my family has bought and flipped several properties, so I have had the opportunity to be exposed to the benefits of investing in real estate, and now I am ready to venture out into the investing world myself.