I want to know the condition of the property and how much money is going to need to be invested into it but will not likely get an accurate answer from the agent on this either. 

There is a wealth of technical information here and they give a lot of books on business however you are going to need more management training in real life - can't fully learn this skill in books.

I have about $7,500 put in the budget to do some minor updating (most seem to need some landscaping updates, minor bath updates, etc.).  

You're going to need a portfolio loan or basically a loan that isn't sold to Fannie or Freddie.  

If you are going to try to run a real estate enterprise from 1000 miles away you need to establish a local team of good people before you plunk down one dollar on properties.You're going to need a solid real estate agent with experience in investor properties to help you acquire and sell or manage the rentals.The agents should have everyone else you need in their contacts list (contractors,plumbers,etc.).Go down there and establish your solid professional relationships and then start looking for good properties.Good luck.

Unfortunately, it's right next to NE Lombard, so everyone will suspect a lot of road noise, and it doesn't have historical charm like some other rentals. 

I did find a skip tracer in the UK, but turned out not to need him.

Not because they were horrible investments but because they attempted to bind me to a location i didn't want to be in anymore.If you want to "Start" get your real estate license, learn from other people's mistakes and experience the wonderful joy (sarcastic tone) of being a landlord with someone else's nightmare.

These are/were with excellent tenants who pay the rent on time, take care of the property, and are a pleasure to deal with.For most tenants, I keep it on a more professional level, still with a friendly tone, and just discuss property issues.

So im ready to take on my first property. i've formed a partnership with my best friend who is an agent which is very beneficial , i manage a hardware store  which will be extremly helpful when it comes to buying material aswell as networking with other investors and contractors. so heres the deal we are looking at single family twin  ( reo) asking price is 62,500  going to offer 40,000  hopeing that works . house is going to need a kitchen (12,000) bathroom (6,000) going to change the radiator heating system to hvac (approx 4000)  finish the basement (7,000) siding (6500) new oak hardwood floors (2500) new doors interior and exterior (5000) and a concrete patio out back ( 1,500)  and other cosmetics (5,000) we figure all said and done we would end up about 90,000 into the house which the market in the area has them going  around 135,000 as a median and 165,00 high end 120,000 low . how does this sound to everyone any and all insight is greatly appreciated thank you in advance for your time and thoughts.