You may find it can take quite a while before you cover everything and can have the proper building permits, the construction and a finished unit ready to rent. 

I would buy it, finish the attic space, refi it once complete and buy a rental. how much do you estimate to finish the attic space?

ARV is 120K, to finish the property we're looking at 15K.

The plan is to finish the basement, make it 2 full baths, add a bedroom turning it into a 4, potentially 5 bedroom, 2 bath, 2200 sq.ARV assumption is 125KRehab assumption is 40kPurchase: 33,200, contingent on a septic inspection.

Looking for a contractor in Chicago to finish a project in Auburn Gresham (South side).

Just finished our first flip which we purchased from Philadelphia sheriff tax sale, which was a year process.

I just started reading the book, probably finish it in the next day or two.

Plus the small things I have already told you. putting on the light/plug plates on finishing the kitchen (Finish painting cabinets-paint is in the cabinets so you do not even have to buy it.)"

She would help them get ready in the mornings and cook all meals for them.

One book I just finished reading was the Book on Investing in Real Estate with No (and low) Money Down by @Brandon Turner, it was awesome with a lot of good info that you can probably use for your current situation.