I would be highly interested in picking someone's brain in person if you live around Orland Park IL or anywhere along I80 (joliet, minooka ext) as that is where I frequent.

Now if it was recently renovated or you're budgeting in for a renovation right off the bat, that's not too unreasonable, but if you can fix everything in the building for $50K right away, then you'll be in decent shape.On another note, not that this is impossible, but I don't frequently see 25YR notes for 4.5% commercial loans. 

Since you already have a friend who has done fix and flips and you've been networking (not to mention, you've been researching), I'd suggest going it alone, but with frequent lunches to pick brains of willing participants. 

If you rent to sketchy tenants just to fill the units, you may end up turning the units over pretty frequently whatever the size. 

A frequent CPA contributor on BP's thoughts on it below. 

I know that every situation is different, and that there are always exceptions, but wanted to hear from some investors that frequent sheriff sales to see if its common for a big national bank in third position on a property to come and bid at a foreclosure sale.

What are some of the challenges you frequently face as a real estate investor?

Septic system regulations here in Texas change frequently, so be sure to understand what you can and cannot do. 

Odds are you won't like it, pretty much everyone I take their from out of state does not, but if you're from Cincinnati you frequent Skyline often. 

Plus some very large mega developments, casinos etc...in the works.