I've picked up books this year and realized how much I enjoy real estate, and would love to understand more about the process here in Chicago. 

The ones I've found for sell have utility liens and backed taxes on them, so I'm wondering if these properties would be a great investment after paying those liens off or if there could be hidden issues that would pop up and cost me more in the long run.

One should always pick some properties that interest them and have solid cash flow, but please ensure you have a pre-approval ready to go when something really catches your eye.

I am currently using the MLS and I have a few lawn signs on the way so I can utilize them as well. 

Would you be paying for all utilities?  

@John Leavelle I put all of the rehab costs into purchase price in order utilize hard money financing.

I learned in GRI class that you can go into your MLS, pick a sub division, change sold to 0-365, select all, print, and you can print a Fannie Mae 1004MC statistics  pdf report to give to your client, or for your own education. 

We plan to rent out our now primary residence and live and fix up this other home.Is it a bad idea to shop for refinance and pick the best deal or will most be equal. 

Once things pick up and I get a better idea oh my "niche" and feedback from more seasoned investors, I may update my card.

I have 0 incentive to help, this is all in an effort to pick the brains of those more experienced to aid in decision making