Since we will be doing a lot of remodeling of walls, possibly electrical, plumbing, etc, I want to know if it's present in the walls, insulation, etc.

In addition it clarifies you may evict ONLY under a handful or circumstances such as illegal activates in the property, severe damage to property, tenant presenting immediate threat to safety of other tenants such as domestic abuse situations, and when the property owner or family have a housing emergency requiring their need to reoccupy the property. 

New electrical, new plumbing, windows, doors, floors, ceilings, kitchens, baths, etc.

Electrical and plumbing are two big ones to watch out for.

New electrical, new plumbing, windows, doors, floors, ceilings, kitchens, baths, etc.

I was hoping to do a BRRRR on a property but after getting repair estimates and looking at the comps in the area I am wondering if it makes more sense to go turnkey.Home details:SFH approx. 700 sqft. 2/1 bath (Hot area in my city where many investors are already flipping houses)Purchase price: $47,000Rehab estimate: $38,000 - $50,000  (House has been abandoned for some time, needs new everything, roof, plumbing, electrical, mold remediation, the list goes on)Total investment: $85,000 - $ 97,000 (I know this is a large range however its my first time and I haven't gotten back all of the estimates for work)Comps in the area approximately average $110,000 - $115,000 a few months ago but now in the midst of COVID-19 are selling for approximately $100,000.Seems like if there are flipped properties available for $100k I should take out a traditional mortgage and invest $25,000 down payment and save myself the headache of rehab and trying to refinance for about the same price, am I missing something or are my assumptions right?

Most Koreans I know are incredibly clean domestically- they don't wear shoes in the house.

@Pavel Bennett Locked doors + wet bars + separate entrance but still single family with only cosmetic updates can be a viable strategy, which wouldn't require permits unless you start working on items like electrical and plumbing. 

Of course you could buy a property in which the previous owner has already addressed all of the big ticket items such as plumbing, HVAC, roof, windows, electric to name a few. 

All plumbing, electrical and HVAC new construction work completed on a residential home within the city of Chicago need to be done by a licensed individual.