@Patrick Daniel thanks for the encouragement. i think the competition is increasing because as we approach the summer time, it'll be difficult for me to be competitive. i think i'll be more aggressive come sept-oct. that said, i know i can't use the traditional 70% rule since i'm not going full rehab and rather going the route of livable+small rehab.after hearing a few podcast episodes of bigger podcast, the double close made more sense and jotted some notes. the wholesaler/buyer's list route will require more research on my end especially as it relates to those with a conventional loan. great point to bring it up!

Unless you have the actual financial data to back your analysis you would be better served staying conservative using something closer to the 50% rule for expenses.It could be a possible deal if you could have a lower Purchase price and/or room to raise rents.

Even looking at the full side of the glass, it's getting harder to justify buying rentals in Chicago.

I plan on putting down new rules and cleaning, painting, and buying an o zone machine for when people move out.

Howdy @Jason HowellI strongly recommend you stick to using the 50% rule for expenses so you stay conservative with your analysis.  

I suggest: Do all you can to make sure your Loan Officer is on board with your plan, and, try to ensure that the properties you buy can easily justify getting all your outlay back (even though they're only lending 70-75% ARV), and voila!

Are there any special rules?

@Jeff Goff The loan to your LLC will count in the numbers of financed property rule that Fannie Mae and Freddie Mac have because you own more than 25% of the LLC so its going to be counted as a financed property.

The market is very hot right now and find those deals aren't easy (good luck with the 1% rule) but you will probably be able to find closer to that. 

Any one who guarantees any type of return is surely not compliant with SEC rules, guidelines and regulations