As you said, it's hard to find 2% property in Chicago especially if you don't do some degree of repair. 

I have even joined my local RE group, Triangle Real Estate Investors Association.

I have found a college that offers a real estate studies degree and I'll use the military's education benefits to pay for it.

It's about the numbers you need the following info to get a Rental Property Cash Flow Analysis    Property Management Fees Repairs and Maintenance Real Estate Taxes Rental Property Insurance Homeowners/Property Association Fees Replacement Reserve Utilities - Water and Sewer - Gas and Electricity - Garbage - Cable, Phone, Internet Pest Control Accounting and Legal Advertising Actual Purchase Price Down Payment Loan Amount Acquisition Costs and Loan Fees Length of Mortgage (years) Annual Interest Rate

The bigger question to me is: are you willing to accept the fes and taxes associated with the withdrawal from your 401k? 

I have a mathematics degree along with my masters in finance, with a concentration in real estate.

Therefore, you will want to confirm that the trust company allows for investing in an LLC and the associated fees and minimum balance that applies to the IRA account.2.

The trick there is to only fix what you ought to - that's a deadly mistake almost everyone makes to some degree so, never stop considering it - I can't stress that point enough.My advice to you is to buy a duplex in the best physical condition you can afford, in the best neighborhood you can afford, for starters.

This will likely have a cost associated.

Connecting with a closing attorney to acquire and organize all the legal documents associated with either route discussed in step 3Are these the correct initial steps that I should engage in to get started and gain foundational, learning experiences since I am brand new to the industry and have limited capital to work with?