I used only Cook County zip codes and I pretty much stayed within the Chicagoland area as that's what I know best. 

Call me greedy, call me crazy, but no way do I think using someone's credit is worth $300K of a $500K pot.

Yes it seems everyone is trying to do it.If you buy cheap enough you can wholesale.This goes back to the whole argument that If I list a property for sale as a broker and market it properly I DON'T need a wholesaler.There will be plenty of people banging down my door to buy the deal.This perception that banks are DESPERATE to unload properties is not true.They are MOTIVATED and there is a huge difference.My sellers are not interested in people who don't have a pot to p*ss in.I tell them if you are a cash buyer then show me proof of funds valid within the last 30 days.If you are a corp of llc show me the documents along with the banks statement of POF that you are authorized to make decision for the corp and control the accounts.If you can't do those things and you are trying some guru's half baked seminar crap I don't have time for you.Especially when the next call I receive is from another buyer who does meet all the requirements above.If they are using a HML then it is cash but tied to an ARV condition so it's not an all cash AS-IS deal.Don't worry about competition as it will be there in any field.In every field you have the top class that makes most of the income and then some that make a decent wage and then those that are in poverty.

@Thomas Long - downtown Pensacola check out Jaco’s at the end of the pier, Bagelheads (local breakfast spot), Fish House Restaurant,  Nick’s Boathouse and if your into jazz with a home cooked meal, Five Sisters Blues Cafe.

For long term rentals I'd stay out of Chicago, and cook county if you can. 

Hey Sharon,I have not worked with those folks but I have had great luck with Shane Cook at PrimeLending for personal rehab loans, and on the Commercial side, Eddie Cooke is great at Xenith Bank. 

The biggest danger is in meth cooking areas.

A lot of people want to be close to "canal park" area (enough to bike, walk, etc.) so I would be a little concerned about getting too far out from the city unless you get close to another attraction (Jay Cook State Park, Two Harbors, Gooseberry State Park, etc.).

P NW- Thats funny, I love to cook also especially baking.

Steve Cook is the big name in (study at home) wholesaling courses, and there are a couple of other people who are supposed to have good courses.