If I just wanted to invest this $10,000 into real estate for now and don't have too much time available, I would invest in a cheap $40k property in EC or Hammond and rent it out.If I didn't own a house, I would try to buy a house for myself with FHA financing.One thing I wouldn't do is spend this money on a guru course, that I know for sure.

I guess I could always put in CHEAP but decent looking carpet that may only last 3-5 years. 

Got one off my website I agreed to buy yesterday just because it was so cheap, but I'm having trouble with the value.

Those early flippers were probably excited by how cheap the houses were and didnt do any due dilligence as to where they were buying.

Having only lived as a tenant in Chicago for 1 year, I don't know what heating costs, but I'd imagine it isn't cheap.  

The main question I have so far is how does one actually find someone willing to sell so cheap?

Now that we have access to cheap money. 

We bought a cheap condo near work at a short sale where 3 years earlier they had slapped all owners with a $16,000 special assessment for new roof and siding as the reserves were not enough.  

My 2 cents.1) Lose the curtain and install cheap fresh white blinds.2) Take out the carpet and refinish the hardwood floors underneath.

Our average profit on a property is approximately $6,000 so 30% is $1,800 per property sold (we buy a lot of cheap houses).