I just did an analysis on a property of about 60k with around 350 usd of cash flow!

Always do the math analysis on a prospective property and try to look at it of at least have a clause in the sales contract that allows you some time (about 15 days) to make a detailed inspection and possibly walk out of the deal without a penalty that will hurt you too much.The thing you also should do in the beginning is to have a Team put together that typically have an Attorney, real estate Agents, a CPA (or accountants), Inspectors, general Contractors, and Handymen.  

@Kay FerdousOne more suggestion:  In your analysis of the property to see if it meets the grade, do not count ancillary income (especially laundry).  

While your local well contractor can help you especially regarding costs  I recommend to understand what you have http://privatewellclass.org which is a project of your Illinois ag extension. 

I would use a local bank and talk to them about portfolio lending.They can structure the deal such that you only get the money you need as the project goes forward.  

https://www.forbes.com/pictures/emeg45egfdl/jay-z-...On forbes it mentions that he purchased under Brooklyn Projects LLC but signed deed under his legal name Shawn Carter.

Mashvisor, which pulls in MLS data from most metro markets, displays the properties and gives you an analysis as to how much you can expect from the selected property either as a long term landlord or short term landlord. 

One person who is about an hour from me is actually willing to allow me and my roommate to check on one of his projects so we can get a hands on feel of learning to flip.

Purchase Price: $374,900.00 Purchase Closing Costs: $0.00 Estimated Repair Costs: $0.00 Total Cost of Project: $374,900.00 After Repair Value $374,900.00Vacancy $420.00 (10%) Repairs $210.00 (5%) CapEx $210.00 (5%) Water & Sewer $300.00 (7%) Insurance $200.00 (5%) P&I $1,509.41 (36%) Property Taxes $347.25 (8%) Total $3,196.66 (76%)Monthly Income: $4,200.00Monthly Expenses: $3,196.66Monthly Cash Flow: $1,003.34Pro Forma Cap Rate:    8.04% NOI $30,153.00Total Cash Needed $93,725.00Cash on Cash ROI 12.85% Purchase Cap Rate  8.04%

I typically pay 10-15% interest depending on the project. let me know if you are interested.