If someone offers you free money don't negotiate with them on who's going to pay for gas for you to pick it up. 

General home inspection, oil tank sweep, mold inspection.Purchase price is: $46,000Rehab cost: $12,000Taxes: $7,200/ yearFlood Ins: $200/ month (structure only)Homeowners Ins: $70/ monthHolding costs add up to be around $870/ month plus electrical, gas, water, sewer.Overall the property appears to be in good condition and it does not need a lot of work.

@Ashly Baugh Does Mid America supply the gas in your area? 

All valid points. 

If you're renting to them without a valid lease, that is, on a month to month basis, I think you should give them the month's notice required by NY Tenant Law, stating that that you are vacating the apartment for renovations after which there will be a substantial rent increase to fair market value.

Sid, your points are valid and definitely the rise in property taxes and the effect it will have on the value of properties and growth of the city may very well hurt RE investors in Chicago and Illinois down the road.

What is required is that you not allow your note to become "stale" that you continue to seek payment keeping the note valid and not abandon your rights to collect.

I serve an on-call handyman service for caltrans and another for a school district, I have a "per hour w/tools + gas" contract with them, I am a contractor myself so I get them cheap but I could give them a volume of jobs.

. *3 Month vacancy for 1 unit costed us $350 in electricity from Jan - April 1st, when the main heat source is gas and there's only 1 electric baseboard in the bedroom.

Then to buy a house which I will rent out to keep me in gas money :) .I have cash for these projects but I need to trade wisely as it`s my life`s savings.Thanks in advance for all future advice and I hope to be of help to someone here in the future too.