I found all the properties I thought would fit my criteria in that area and then used property radar to get names and addresses of owners.  

Whether it's right for you and it fits your goals/risk tolerance is for you alone to decide.

A multi-family close to the Loop on a 175K budget won't be super easy, but two areas that I love that fit your criteria are Brighton Park and Gage Park. 

And it fits into your goal of building a portfolio. 

Now that guy fits the exact description of what my grandpappy used to say, "I'd rather be lucky than good!"

Excellent book, very little fluff.

You will find syndicators specializing in a wide variety of asset classes, each with a strategy that may or may not be a fit for your personal investment goals. 

Brandon Turner made an excellent video about LLC's - look it up on YouTube.

@Alex Smith excellent Alex.

Look for properties that have excellent cash flow, and buy in bigger growing cities where the demand is increasing, so that you can maybe see some appreciation, but don't factor it into your calculations.