It is in a 55+ community so my concern is that I would only be able to choose tenants from certain demographic.

If it is a $100K home, then $3K may be enough. 

If you don't have one, there is a lending forum that may be a resource for you.

I just want to be a sponge! 

Hi was was wondering if anyone here in Chicago or surrounding areas have purchased from the cook county land bank and if so what kind of loan did u get if any to buy and fix it up or develop a property any info would be very helpful thanks

Once I found the right group, it became an invaluable resource for learning, sharing experiences, and growing my network.It might take a bit of trial and error, but if you find one that clicks, it can be really worth it!

Almost too good to be true. 

I am not looking to house hack as I am already well established in Phoenix metro. 

It's a great opportunity to be here and one thing that brought me to this community is the idea that we will not swindle grandma but we want everyone to benefit from our deal.

My first did well based on selecting an area that we frequent.