It would depend on multiple factors.

This, combined with economic factors such as the California exodus (and other migration patterns) lead me to believe there will be long term growth here. 

So depending on size and other factors you can budget another 5-25k for a rewire and Drywall repair.

Since I have renting experience (which I've read is a qualifying factor to be able to use projected rent income towards DTI) will I be able to use that towards my next multi I plan to do an FHA on?

You have to factor these in to see what kind of actual cash flow potential you might have. 

We've been buying more and more product in Chicagoland and prefer to avoid Cook County, when possible, but, if we find a good deal, we'll bid on it.You have three main factors that affect timelines for NPNs in judicial states: the courts, the foreclosing attorney, and the noteholder.

Run the numbers this way and make sure to include property tax, capital expenditures and repair estimates at 10%, vacancy factor at 5%, property insurance, etc.

Credit score, income to rent, other factors.

They never factor in risk.  

Performing Note - a note that has had consistent payments over the life of the loan and typically trades at 90-100 of the unpaid balanceNonperforming Note - a note that is delinquent and trades in a much wider % of UPB depending on many factors.