I am trying to figure out how latest events are going to affect the industry, because the numbers may change, such as holding and rehab costs.

We are sending handwritten mail this week to the addresses we found where the owner address is different from the property address (about 50 records or so).

You have come to the right place...here you will find all the resources to get you going towards your investment goal. yes, market is hot right now, so finding a deal via MLS in Chicago north side is hard...but you can still find deals if you act early and not look where everyone else is looking...or find properties which need work, get them rehabbed and then refinance out...House hacking via FHA loan may also be a good idea.

The approach they are taking of only rehabbing units as people move out is exactly what I do.

Unless it's a sure thing (and I have yet to see one of those) and he is an experienced contractor putting up a lot of sweat/time to do the rehab, your money should be worth SIGNIFICANTLY more for the risk you are tossing at it.  

Anybody have experience with rehabbing a gutted burned brick house?  

Buy it at the RIGHT price, control your rehab budget & you will make money. 

How big is the rehab?

Nothing beats knowing the neighborhood as far as understanding returns, rehab potential, best areas, etc.

I am considering wholesale perspective as well as rehab, or ?