One could argue the 40-50% setaside for expenses is high, and that could be, so you need to run an independent evaluation on the property to see what's needed.Also, prepare for 5-10k of an "oh crap" budget for the first year.

The lesson there is to never pay for rehab upfront and always get an independent inspection.

I would just do the repairs with the cash on hand then refinance once the work is completed and tenants are in. Depending

@Nick Webb It is called "Washington Landlord's Association" and is an independent group.

I just turned 24 not too long ago,  and I currently work two jobs which has me working around 50 hours a week.I'd say my financial goal is to be financially independent through real estate investing!

You can’t deny that people are fleeing Illinois there are legit statistics to back that up not to mention all the Illinois plates by my house including mine.

Home warranties, like most any warranty are statistically not worth the money.

You should care about renter/owner %, crime statistics, occupancy, market rents, comparables.  

With syndications you guys get to be a part of a bigger party and while it takes away a bit of the drive your own ship independence, it also puts you in partnership with some experienced market players. 

The statistical probability that you'll stay that way for the rest of your life is way up there.