Having said that, the federal government put a restriction on buying houses if you don't live here. 

You pay cash at the time of sale, so you need the money available right then.

I am from the Chicago area as well.

Performing notes the investor makes money from the monthly payments at a ROI determined by the payments and the amount paid for the note.  

I agree with the others who have commented.

By the way, from what I read in the Wall Street Journal, there’s a growing number of niche investors cropping up who love grabbing assignments that fly under the mainstream radar, especially if you’re bringing something fresh to the table like a distressed duplex they can reposition, or a small portfolio of row homes they can turn into long-term rentals.

Either the numbers work or they don't.

This post is so PERFECT that I wouldn’t change a single word, or add anything new to it.  

Glad to have you on the forum, Chad!

You might benefit from using the agent finder in BiggerPockets