Get something that needs work and get a discount accordingly, then roll your sleaves up and put in some sweat equity.

Hello,My Name is Brian, and I was wondering if anyone could tell me the average investor discount in Chicago?

Some would hold the money and wait for the Real Estate crash which will happen sooner or later and have cash to buy up a lot of property at discount prices.  

From: new kitchen, gutted bathrooms, new floors, my gf fell in love.  

The first one we purchased we had to litigate with the city to get them reduced.To figure out purchase price you should discount gross rent.  

It was on discount and I really should have bought $10,000 to store for later projects.

@Bryan Sowieja  well not a popular thought but its realistic.having owned a bunch of rentals in Mississippi we get some pretty large tenants in those areas.And special toilets are required along with reinforcing sub floor below.. and they can wreak havoc on plastic tub shower combos... can't comment on if you can exclude them. but if you rent to folks that you know are quite heavy no matter there physical type  IE professional athlete  power lifter.. cage fighter  WWF or whatever... you do have certain realities in the bathrooms that need to be addressedI have had more than one 400 lb plus tenant have the toilet give way on them during the act. 

I like to ask, how much do,u need above your existing mortgage, how soon do,u want to settle.You need to show the seller the benefits of taking back some paper; interest payments, show the seller how much they are making over the term of the mortgage, let them know they can discount the the note for cash when they need it, use the note as a down payment on another purchase, split the notes, pledge the note as security for a loan, give it to their kid for college cash or just keep it in their cash flow portfolio.  

His bathroom faucet has a leak unless the handle is turned a certain way. 

There are flat fee/ discount agents who will just list the property.