4) My broken crystal ball says 2022 is when you will get better cash flow.

(Does anyone have a crystal ball?)

Make your plan, whatever it is, based on the reality of the market, today, and leave the crystal ball alone.

It depends on what your crystal ball tells you the economy is going to do.

It looks like the pre-approval process has already been explained to you here:http://beta.biggerpockets.com/forums/49/topics/131730-getting-a-pre---approval-is-important-prior-to-searchingBefore beginning any part of the purchasing process, get a crystal clear picture of the point you are starting from.

Hi SimonFlood insurance requires a crystal ball right now.  

Jeff Dulla Jeff Burdick Crystal Smith Dorothy Wulf Michael Facchini Michelle C.

Know what you want done, and be crystal clear with the contractors.Have all the supplies.

I know there are circumstances where you can leverage the property without actually pulling the cash out of it but I am not crystal clear on how that works. 

@Crystal Smith - or just work with 1 good lender who know's the Chicago market well enough to help you out there and who has competitive rates.