I could potentially come up with enough for a 3.5% FHA loan, but with the mortgage insurance tacked on, the payment would not make sense, I'd rather just rent it.My thought right now is to extend an offer to the landlord that I will take over the house as-is and pay retail price. 

In other cases, we've converted properties - a warehouse, an empty "big box" retail space, or even a parking lot (using converted shipping containers).  

Is there massive deferred maintenance,  or is this a D/F class area that will eat you (and your money) alive?  

Retail or large apartments or something else? 

Not retail.

Also you do not want them calling the city to complain or will have much larger and more expensive problem.Depending on neighborhood Chicago is seeing massive appreciation I would fix it and hold property.

They are charging what the insurance companies will pay (and BTW there is massive overhead in this industry--their liability coverage alone is through the roof.)That being said, the first company might be able (I think should) work with you on pricing to give you some kind of a break since it was not a covered loss.

Anyway, only because I know what you can do in the market if you just do your homework, I don't offer anything less than 20%, which, by the way, is even less than what I pay to Lima One at 12%, and other HMLs, but without all the red tape and inspection fees, draw fees, massive points, etc. which drives up the total cost of financing well over 20%

Just a basic shell can be used for retails and restaurants.

And you can specify how many times per day it shows on that device (and other devices of the the device owner) for up to 30 days...This has been used for a few years now by car dealers, large retailers, etc.