Second, what do should I do before approaching the homeowner to ensure I can legally acquire the property. 

I don't see much downside to it other than the fact that the property tends to be noisier and you will have to deal with problems at random hours of the day which might affect your normal living situation.This can of course be minimalized by screening your tenants properly and choosing who will share a property with you.The upside is that you will live for much cheaper than paying rent or paying a mortgage by yourself.

Get some help from local, experienced individuals to ensure the numbers make since. 

I suspect there will be one or 2 that we have interest in that may not be redeemed by the end of the auction.Warning: Do what you can to ensure the property is unencumbered (no liens, clean title, etc.).Good luck

They may be lower in your area, but make sure to calculate them properly especially when putting that much capital behind a project.

It was THREE weeks and multiple service calls before it was fixed properly.  

You need to give the tenant proper notice.

Other options seem to be working with investors and financing via hard money - but I worry the cost may eat me up if we slip on time/runs longer than anticipated.Any more creative options on how to do this to minimize risk, ensure working with someone that can get it done in a timely manner, and minimize cash I need to put into the deal?

Also size of wire can easily be determined and inspected to see if proper amperage:gauge is sufficient...

Hello Fellow BP investors!

I’m looking to get started in the wholesaling business in Chicago. I’m here to ask a couple of questions regarding this preliminary stage in finding deals.

I have a close friend who is a...