The south and west sides of Chicago have historically had a lot of issues, and many investors have done well there.

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

Your biggest issue is that $50k may not let you get a nice house and have any reserves.

@Chris SeveneyNote not An attorney or providing legal advice

From a legal standpoint, sure, it's not much different other than the paperwork and govt red tape.

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Have a clause in your lease that landlord is NOT responsible for battery issues - tenant is.

Interesting, I did not have the issues on mine when I first used but it take a while to get them confirmed.

It will take 19 months of cash flow to break even.This doesn't account for any maintenance issues or a really bad renter.

I have pulled a permit for removing a fireplace, but probably would not have but I had a significant remodel going with permits and did not want hassle of him making an issue of removing the fireplace (the inspection for fireplace removal consisted of only verifying gas cap was in visible location, he did not even spray it).