Hi Bradley Adams this does sound like a good opportunity for your first real estate investment.

You might try reading up on the subject, there are several good books on it.You need a dam good set of bylaws or operating agreement to clearly set out who gets paid and when and how profits are divided up. 

@Adam Juodis, it's in Roscoe, IL.

The only way to remove an area from the floodplain is to raise the level above the base flood elevation similar to what @Dave Dagostino was referring to (don't even think about adding fill to the yard, that requires a 404 permit and impacts the flood plain by creating a dam impacting your neighbors).

@Adam Shelley - sorry for the delay, i'm doing a bit of catchup on BP today. 

Thanks for the reply, @Adam Schneider.  

@Adam Juodis I found a property I am thinking could be good for a rental, right off 55 and route 30,I know this is in your neck of the woods, If you got a few minutes id like to ask your opinion on this home. 

-Chris Adams

Adam got his first full time job at age 20 but could only afford to put $2000 per year into his company's 401K plan.  

For this reason I'm bullish on certain pockets in LA especially south LA, for reference look at Leimert Park, West Adams, and University Heights.