Chicago's market varies, so $500k-$600k might get you something nice, depending on the area.

Theres also many local real estate meetups depending on how far your willing to drive where you can meet other like minded people and network to learn from them as well. 

@Carlos Ptriawan Ah… I understand.It depends on the jurisdiction.

Where you look might depend on your answer. 

Depending on the seller's situation and desire they may/may not be willing to negotiate this.

Figure out what homes sell for (depending on their condition) and what people are willing to pay for them including how (i.e. cash, financing, etc). 

Depending on the cost of the job (or the cost of them really messing it up), it's worth considering for sure. 

You can have an amazing or nightmare experience depending on who you elect to place into the property.

@Brandon Larkin It all depends on the sellers you are reaching out to? 

@Sage Sager-Romanoa lot of this is going to depend on the work and effort you are able to put in.BRRRR is very difficult and very labor intensive.can you buy something in Texas now and keep renting in LV?