Other things to consider: having a team ready to start the rehab after you purchase, having a rehab budget that leaves room for the inevitable surprise, due diligence on the property—what is the ARV, what is your exit strategy, what can you pay for the property taking into account unknown rehab costs.

Insurance can be a complicated thing thru which to navigate so trusted advisors are an important part of your team!  

Also, if you're planning on being a long distance investor you'll want to make sure you have you're team in place, especially a solid property manager.

You are correct the market here is saturated so you need to educate yourself on the market and build a strong team here.

The ideal team you want is an experienced Broker and/or Property Manager who works in the market and knows the area.

Daniel and his team work with a bunch of Chicago investors.

Work With The Best: Finding A Great Contractor Work with the Best: Finding a Great ContractorNovember 5, 2018In the flipping business, having a reliable contractor on your team can be the key to your success.

I’m looking to add to my team and eager to expand!

Also, some great advice on finding the right contractors, and other team members for real estate investing; I found in David Green's book Long-Distance Real Estate Investing.  

It's so easy if you have the right team in place on the other side.