After you do a couple of those, you will have the equity you need to target rehab-and-keep tax sale properties, or the equity for a more traditional real estate purchase.

It is also a more time consuming in terms of management and rent collection.  

Looks like we will be hiring a lawyer to make sure it is lowered to a more sane level.

Even my parents took notice of my new interest in investing and are willing to stay in our small apartment in order to make a more long term solution to either "buy and hold" and/or possibly try to "flip a house".  

We talking uptown, or is it really in Matthews or a more suburban area?

We have an amazing group on Chicago investors though so if you were a more specific on price point and specialty I can point you to a few potential people to speak with 

Yeah that confirms, avoid this option and find a more trusted source with a physical US address.

I guess 'm not as worried with the zoning issues because I'm a pretty detailed person and I already know the zoning of this building and what it requires but I definitely agree in needing to bring on a more experienced investor.

Maybe because this is my first rental I am being more cautious that a more experienced landlord.  

Rehabbing alone for the first time is always risky, so I think it's important to work with a more experienced rehabber.