Hey @Matthew Giblin - I'd have to echo @Shamar Gregg, Chicago offers a great section 8 program through the Chicago Housing Authority (CHA). 

(HACW being "Housing Authority County Wake"; and HAP being "Housing Assistance Program").

Unfortunately, ther'es no guarantee, because there are a lot of variables at play here.

I’ve been in a similar situation, and I think the idea of buying in lower-cost areas to renovate and rent out is a great play.

If nothing else, put a few dollars in for giggles - most of us on here can afford to “play” with a little cash (whether that is $50 or $50k depends on you) Why on earth wouldn’t you play with something that can potentially triple your money in a week or two?

I would consider it, but living and knowing the Memphis market, the purchase location plays a big part.I see that this was posted in 2010, so I am assuming you have had many replies and probably don't have the property any longer.Tommy DouglasTDHomes4U LLC

A HELOC gives you flexibility since you can draw as needed and only pay interest on the amount you use, which might be useful if you’re not sure exactly how much you’ll need upfront.That said, it’s important to compare the interest rates between a HELOC and your expected returns in the stock market—if you’re making more in your investments than you’d pay in interest, it could be a good play. 

I knew it was a long term play as well, and wasn't looking for something immediate with them.

Play the long game and focus on rent and home price appreciation.

Quote from @Randy Achi: This is where a mentor would come into play big for you!