I’m already invested in the markets I’ve chosen  I would stay far far away from Chicago.ITs a city and state with major major financial issues, and is hugely anti landlord.Imo its not a place for out of town investors, and best left locals.

An example would be someone coming back from a credit for an boiler replacement when they saw it during theIr tour, the age of the boiler was disclosed in the marketing materials, and there are no current issues with it.

I think too many people your age are trying to decide on their degree by calculating how much money they can make with it instead of following what they are interested and good at, which - if your motivation is to make money - you will find a way to make money doing what you love.  

If it doesn't, load up the belt sander with 100-grit,  sand the problem area again enough to take off the poly, stain the wood lightly with an oak stain (usually the best stuff for faux-aging oak will be marked "golden oak"), and poly it up again.

They can also help you make a rehab budget.In my experience, the major things that you are going to want to be aware of are:Structural or Foundation problemsTermites or other wood destroying organismsMoldType and age of wiring (knob and tube, romex, fuse box, 80 amp service, 100 amp service, 200 amp service, is it grounded properly, etc.)Condition, age, and type of plumbing (Galvanized, PVC, pex) as well as water source (city water vs well water)Type and Age of Sewer system (Clay tile sewer line, PVC sewer line, septic, etc.)Pets control issues (bed bugs, roaches, fleas, etc.)Condition of RoofCondition of MechanicalsCondition of WindowsI think those are the most concerning ones.

@Shiloh LundahlThis is really awesome to get your daughter involved at a young age .

Just wanting to get this started at a young age and maybe retire early (wouldn’t that be nice ) .

As an air traffic controller I have to retire at age 56, so I'm hoping to use REI to supplement my retirement income so I don't have to work past 56. 

If it was me, I would purchase it with a 203k loan, renovate with the funds in the 203k (although you can't do the reapirs yourself with this loan I believe), use the house as your primary residence and either get roommates or use the extra rooms as Airbnb/VRBO to generate income (might be appealing as lake property) Take a line of credit on the property, being careful not to over leverage yourself, and use the line of credit to either get into flipping/wholesaling or find another cash flowing property and begin the Snowball effect rolling all your profits into REI and working towards financial freedom at a young age. 

The age is not as important as the condition.