If you are looking for properties with minimal repairs needed you will want to look in the NW, NC, and NE parts of town, typically outside of Loop 410.

And there are clearly carrying costs (insurance and RET), but those will be minimal for a couple weeks of sitting.

We were delayed for 3 weeks by a slow sub-contractor.

I spent my first 5 years on ships with minimal access to phones and internet. 

Yes, I am purchasing it all cash with a plan to refinance using delayed financing immediately after rehab or using conventional financing after 6 months seasoning period.Old owners have been renting out for years now without any issues.

I'm no accountant but I do think if you owner finance a sale of the property then you do delay the the taxes until it is actually paid off but you really should put a call into a local accountant.  

So much can go wrong in the purchase of a property, including delays in closing, which means you won't be able to perform if you don't own the property.  

I'm pretty sure I'd seek to end that contract without delay.

Importance of Cashflow Management & DELAYED GRATIFICATION - through disciplined cashflow management, we utilized the cashflow from the property in improving the apartment units in order to justify the $200/mo per unit rent increase.

Don’t limit yourself to your local market thinking that you’ll have more control.Your goal is to maximize your return on capital and minimize your risk.Continued success!