That's awesome yes joliet is definitely hot.

Nevertheless, it is more than 3 times the amount used in the household I reside in, and that includes daily showers by most residents. 

What are some of the best ways to acquire great Real Estate deals in the current "HOT" real estate market?

I wish not to "buy a bad deal" but I also wish not to be "stupid" and buy a more expensive 3 bd 2 bath if the numbers don't make sense to rent it out "eventually" with the higher interest rates we see this year & hot market here in Houston.

This may be what is happening here, as it is pretty typical to see the place be on the market for a week or two (seldom longer in a hot market), then anyone who has offered is asked for best and final.

HOA can be anything, you need to ask the homeowners organization, insurance should be a quick call to your agent to find out, but you need to find out property taxes, water/sewer costs and some assumptions on maintenance, since you will be responsible if a window breaks or the hot water heater explodes. 

Toronto is extremely hot right now especially for single family houses.

Zillow, Trulia, Hot Pads, and Craigslist.

BP is no match for a good REIA for local help, what works, what doesn't, what zip has died, what city block is next to get hot.  

In our particular case, it is 80% of the households must vote to disband AND there has to be prior approval from FHA and the VA.