When shopping for a mortgage loan, a Borrower is given a grace from the credit repositories to have multiple credit inquires for a mortgage.  

I compare action without knowledge to a raging bull in a china shop.

Make sure you have a 20% off coupon at all times.10) Shop at your local hardware store for your odds and ends.  

You're correct - conventional lenders require the property to be "livable".Shop around: some will provide both the purchase + rehab funds.  

They've likely been shopping for a new place in anticipation of the potential new ownership and have seen what they would have to pay if they moved.  

I cannot recommend enough the importance of shopping around bank wise.

I know i can do things like read the paper and be vigilant to find out where new schools or arenas or shopping centers are being built but how do I find out where teh good neighborhoods are, where rent is going up, where the new up and coming district is, etcChicago is a huge city and I'd really like to make this first purchase the right one.

I currently own 2 pawn shops located in up state New York.

SOB  I drive over to the shop and grab the torpedo heater , fill it with $ 50.00 of Kerosene , grab some buckets ( to flush toilets if need be)  I grab scrap wood and  tarps.  

He also adds value to my business by helping source tenants thru our collective network, manage subcontractors, and handle my construction-- so I can focus on my economic engine- sales day job.My business model-- I'm sitting on 3 duplexes and 1 quadplex in solid parts of the Twin Cities-- in young, vibrant areas near breweries, coffee shops and great restaurants...