So I just started working closely with @AaronVaughn and Chicago Action Investors on completing my first deal, it's a group of amazing individuals really heating things up In REI here in Chicago.we meet on Saturday at a property, make connections, network, view the property and learn the gist of analyzing a deal.  

My wife and I bought our house in Q1 2010 and it needed a LOT of work (new foundation, no source of heat, no kitchen cabinets, a detached garage that was falling down...the list goes on and on).

Maybe I missed it,but you didn't mention heating costs and who is responsible for heat.

Landlord will pay the entire cost to repair the following items not caused by Tenant or Tenant’s negligence: (a) heating and air conditioning systems; (b) water heaters; or (c) water penetration from structural defects That's it!

I know the weather can be extreme in both directions with the snow and heat but what else should I know?

Hello, my name is Jenal and I am a stay at home wife looking to get into real estate so yes I am a newbie :-) I assist my husband with various projects in his heating and air repair business. 

Wait for the cold, or move quick in the heat! 

I have a 2 bedroom 1 bath , 800 sq foot bungalow for $35k that I am rehabbing to rent and eventually sell in 10-15 years (ARV $63-68k)Should I go with central heat and Air, as it would payoff for a resale later or a less expensive route such as a PTAC unit.

Of course that would be less in the winter and more in the summer bc of heating. 

I have family in the electrical, plumbing, heating and air business so I have names and contacts in construction that I could refer you to.