If it's a NPN the credit card interest will (I'd guess) eat up any room you have to profit on the note and will mean any thing with lead time, like a FC isn't a viable route any more.  

Guess i have to eat this if i ever hope to close this property.I really appreciate the answers.

This is your first deal...what happens if there are delays and you have to eat holding costs for an extra 2-3 months?

Not to mention I hate the idea of PMI eating up my cash flow.I would figure out a way to grow that 10k.

Also, the idea of condo fees eating into my net income doesn't appeal to me either. 

Looking in one area like River North is like eating one popcorn jelly bean and proclaiming that there are no good jelly beans.  

Even with a quick renovation days on market in the Chicago winter can eat in to your profits.  

Maybe a travel club, or a ski club, or whatever.None of my local friends are into real estate, and I try not to talk about scoring a great deal, but they can afford things that I enjoy, like going out to eat.

Restaurants around here get inspected and rated by city every year.  70% is a passing grade but nobody wants to eat there. 

Taxes at $5,500/year really eats up profit if you are only get in the $1,200 range for rent.