Start by educating yourself online or through courses on the house flipping process, renovation costs, and market analysis specific to Chicago.

. -  Low-income neighborhood (lots of section 8 tenants)- Very close to hospital and nearby highschool.

Our goal in investing is long term benefits (we would like to plan for retirement and helping our kids get started as adults), also plan to gain passive income, maybe gain one property every other year or so. 

Getting this information online will result in guesses, making risk in this situation.Good Luck!

- Do I need a different insurance than the residential income property insurance?

I will be using a property management software  to collect rent,  schedule maintenance and screen tenats( credit above 600, 2.5 times income). 

Much more landlord friendly, no state income tax, property taxes DO NOT reassess on the sale, still strong appreciation, etc. 

Or median income is $20k. 

I have been in talks with a GC in Georgia and his method of building is: He builds everything at costs and doesn't include any markup or fees, he oversees everything, I only supply funding, and we split 50/50 the profits after paying back the bank and all other associated fees.Since I am only supplying the funding for the deal, is there a way I can structure doing this so that this is considered passive income for myself since I won't be involved with the construction or overseeing the project?

My buddy and I split that and then we took the class online.