(I'll list some books below that are great to start with) Joining your local REIA is a GREAT way to get into the world of investing for your specific area.

Send them a flyer with the specifics of the house.

AllIt looks like there are a number of people from illinois and specifically near the fox valley region!  

I am looking, specifically, at using the 203(k) loan program through FHA for my first home purchase, and I am doing research as to what exactly that process would entail, or whether there might be a better option for rehabbing my own first purchase, post-closing.I live in the Maryland suburbs of Washington, DC, and am originally a native of Baltimore, MD.

Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche.

I have previously posted about my intentions in that niche, which I still hold.  

Main difference is I'm about 8 years earlier than you on the real estate journey line.If you see me at the Meetup @Kevin Fox mentioned, please do say Hi ... or feel free to reach out if you have any specific questions you think I could help with - I'm by no means the longest running B&H investor here, but can provide plenty of opinions and actuals data based on various types of property in the area south of 52, north of 94, and west of La Mesa.Good luck!  

We have used a combination of niches: fix and flip, fix while occupying, quick turn wholesale deals, sold on lease option, carried back second mortgages for cash flow, bought with owner financing, bought from MLS, used direct mail, door knocked pre-foreclosures, went to courthouse steps to see if the auctions were for us.Now we are working to...um...

What are your specific goals for the property?

Unless contractors contract has a specific time of completion, you will most likely not get anything...remind the contractor of future work possibilities!