To get started, focus on discovering deals by networking with investors, pursuing probate leads, or searching for abandoned homes.

I know based on the Illinois Condo Act, HOA should cover the wall, insulation and electrical. 

The best thing you can do is to find an expert investment specialist agent / broker who can help you narrow down your search and help identify the best neighborhoods that you're looking to invest in to accomplish your goals. 

After searching for the 3 month, they could not find even a single 3 bedroom place that was less than $750. 

I found this page through a simple google search of "how to leverage a paid off home".

Leverage is based on loan to value.

Overall, gained $260K in value (based on appraisal) while investing $220K Lessons learned?

I will continue to look for properties near military bases, rental history has been fantastic.

And others have pointed out that building in flood zones can be much more expensive with special permits, requirements like living area starting above base flood elevation, probably more than the $25K difference in the lot that's not in a flood zone.  

Hey @Sophia Oberlander, based on the tax court cases I've seen it would depend on how strong their other hours logged are.