And the bigger DST sponsors are generally the safe harbor.

Chicago is definitely a solid place to invest, but I doubt you will find a true stabilized 8 cap in a safe suburban area.

While you might not be able to do a cash out refi early on, it will build equity over time and you can also get cash flow to safe up for the next deal. 

I'm pretty confident that my repairs number is a little higher than necessary but I wanted to be safe.

As a buy and hold guy I am looking for greater security than a wholesaler or flipper might have seeing as they are going to get out of the property, ideally before it floods, and I want to have the home kept nice and safe and dry for a long while.

More just curious for my own goal setting what is reasonable/safe.

I am a newbee myself and can safely say that this forum is full of well wishers who want to see other investors succeed.Stay plugged in and take action!

The sellers had some building violations regarding maintenance (they had to clean it up and make it safe for the community).

If you've got the money to cover the vacancy without  causing too much strain on your finances, then it would be perfectly safe to go ahead.

I hope to potentially partner with someone seeking a safe and profitable market opportunity utilizing my local presence and renovation skills.