Going item by item, to see if the numbers match up and if not trying to understand why has been a great education.

@John MatthewsUnderwater homes where PITI that does not match rent amount  are tricky business dealsI never do sub 2 then wrap, only sub2 and lease purchaseIf the PITI matches rent in a slightly underwater like  5% underwater then maybe look at itThe desirability of the house itself and its neighborhood is really the biggest thing I look forUnderwater houses take in a lot of factorsIf the sellers are willing to contribute a payment say $200 a month to protect their credit and rent the property out on a lease purchase for market rent and offer a sales price that is based on appraisal,  and if that appraisal is lower than mortgage payoff, renew lease purchase, seller  continues to pay  the additional 200 per mo for another year toward principle and accept rentThe damage to credit with strategic default or short sale is usually quite serious, see www.myfico.comSee the amortization schedule to see how much principle is paid monthly vs interest in the current and near future years

@Bryan Hancock  it depends on pricing... as to how well one will do compared to HML  in our uber competitive fix and flip market.... were margins are down to 5 to 10%  borrowers will look hard for the best priced money...I would not do this if I had to match local HML as your correct head to head why do CF  but if your saving substantial dollars on each deal then I do believe we will see some pretty good deal flow..

Anecdotally that matches my experiences with my rentals in 2 different SF neighborhoods. 

You typically want a nice match, I would look into a credit union (in the area) or something along those lines.

On the tax page for every property you'll see the property address and the tax mailing address if they don't match you can bet that that is an investment property and you'll record the tax mailing address and any other relevant info.

I match my refi to what I believe I can rent, so I always stay technically cash flow positive.

She allowed me to make the offers in the name of her LLC (so it matched the bank statement).

Are their existing networks, events, financial match makers, etc. in the Chicagoland area? 

Are their existing networks, events, financial match makers, etc. in the Chicagoland area?