Hi all, My name is Larry & I am from the extreme SW burbs of Chicago.

I am extremely new to real estate and while I have been trying to find an answer to this through searching, I thought I might get a better result by asking.

Legally you could do a foreclosure yourself but It is extremely complex and you would never get title insurance.

And taxes are extremely high.I would definitely recommend against investing there unless thats the model you're looking for.

Actually, this blog post from @Ben Leybovich may help you find a good property management firm - I thought these questions were extremely good:http://justaskbenwhy.com/rental-property-management/

Plus, unless they are extremely well heeled, you'll constantly be chasing money that might not be reliable.

I'm still relatively young and poor, so I don't want to rush into anything too extreme for my first go around.Should I buy and flip a house or buy a multifamily home and lease the other part?

Seller allowed us to perform inspection(for information purpose only) and we discovered few issues(window not shutting down, paint peeled off in bathrooms, exhaust fans in both bathrooms not functioning).

Either way, I'm extremely happy with my purchases!

I'm in NYC, where prices are extremely high, so from my perspective wholesaling is not something that a licensed agent needs to explore.