I have been reading about REI ("Ultimate Beginners Guide

That has some valuable links.

I am familiar with many areas of the city/south suburbs, and those sorts of answers would help me guide you in the right areas where you can achieve your goals. 

Welcome to bp Jeremiah listen to podcast and ask question on forums and read Rei books Bp have the ultimate beginners guide is a excellent place to start good luck .David Coleman

You are wasting TONS of valuable time and money commuting which is a recipe for total burnout. 

I have a relative who is a commercial lender for the area also overlooking it, and he'll have valuable input.

Off to start the Ultimate Beginner's guide!

Look up beginners investors guide on this for a good way to start.Podcasts are also very informative on this website. 

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing,You can also read, books on investing in real estate, listen to the podcasts (hover the mouse over the “Education” tab on the top of the page, then click on “Podcast”), attend webinars and stay active on the forums by Setting up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts.

That is very valuable information.You mentioned the purchase price, but how much was the original purchase price & how much was renovation?