But as I first time investment I don't think $247/ month going into a $345,000 asset should be considered a money pit. as a beginner can that be looked at as a way of building wealth? I

I have come to the realization that real estate is a path to wealth I want to explore.  

In the 1950's the population was near 3,600,000 with it being close to 2,700,000.However, that past information and not necessarily indicative of what is in the future for Chicago.Per my research - median home sale price is $170,000.You should be able to find a home to cash-flow at that price point.I also heard that was a recent state income tax increase which made some wealthy individuals move away from the state.I believe Chicago provides more opportunities to find cash-flow positive properties.

So those will take a lot of risks could be very wealthy but they could also lose everything.

First read books starting with Richest Man In Babylon and The Wealthy Barber.  

I've been thinking about a few things, and had some pretty deep conversations with a friend who is fairly wealthy, and is building up his portfolio.Here's my circumstance.

We both want to start investing and building wealth Is buying the home together the first priority and going from there?

BTW Jay, thank you for the rehabbing business plan and your blog on Rich vs Wealthy as it really opened my eyes to some things.

My wealth is growing by 25% per year because Im leveraging, instead of buying all cash; but even then Id imagine the number might be close to 16% on these properties (of course you also have an inflation factor of 1%-3% too on top of that).

BUT, like mentioned in a recent podcast, you don't become wealthy on cash flow.