I am a contractor and we live in a great neighborhood so the house would be a great investment if we can purchase at the right price. as it sits the house is prob worth 100-150k.

If you are out of state, who connected you to the contractor and what references did they have?

Finding an agent, finding contractors, overseeing repairs, finding a property manager, finding tenants, etc.

Build a team with local contractors and use property management software.

I hire a contractor to jet the line. 

Don't forget about your LMRC# and your registration fee!

And if they are a hobbyist/part-time builder, then they should engage the proper professionals, i.e. a title officer, civil engineer, architect, contractor et al to assist in reviewing the project's feasibility.

Handyman / contractor - This is the hardest team member to find.

I'm fairly handy and have good contractor connections.

It's amazing to see old properties get renovated into something beautiful again - It's one of my favorite things about being a Chicago general contractor!