The rules are as you stated. 45 days to identify up to 3 properties you might buy, 180 days to close.

This would probably cost a little more in the beginning but the ROI is much better in my opinion.OR network with other investors who have connections to wholesalers in whatever market you are looking into and buy the properties from them. 

IF you were to renovate a non-conforming unit, that unit would now need to be brought up to code.When or if you rent out the unit, you, of course, run the risk of the tenant calling the city and saying the property isn't up to code, which would, in turn, cause an inspection by the city and likely result in some violations that would require you to bring the unit up to code.These types of units are ALL OVER the city of Chicago and be rented out on a daily basis, but there is still clear risk associated with renting them out.

I'd recommend targeting areas and property types with a high volume of sales.

@Abigail KingStarting a first house hack in Peoria, IL involves researching, education, financing options, and management tips.

@Mostafa Koperly what is the underlying property asset like? 

If I wa outfitting a property right now I would get lower end Samsung.

For me, managing lease renewals is not a big deal.

If I wanted to be more involved I may have considered starting a real estate biz like wholesaling, flipping, property management, etc.So, I would first determine how much time you want to 'invest' along side that $200k. 

If I could offer one key piece of advice, it would be to focus on building your CORE 4: a great realtor, contractor, attorney, and property manager.