the Current rent ranging from 475 to 625property being bought at $97.5k

Sure Cap Rate is important, but constant turn over, evictions, and repair costs are often a bigger loss to income versus buying a lower cap rate property that rents $1500 range. 

Are there any unique circumstances or cultural considerations/preparations to know about?

I'm seeing  a few properties listed in the 4k-10k range in the Chicago area.

you took out the equity on it and you would have nothing to fall back on, stick with the 20-40 you could get and look in the $200,000 price range.

May be the same as above, but discovering or creating unique opportunities for situations that didn't present itself on traditional or under normal circumstances!

Sure, every broker/realtor has to differentiate themselves somehow, but claiming to have a unique, special, or "first" access to properties isn't accurate.  

This brought me to begin networking in the local real estate community as of late and to make an introduction on the forum now.I realized a unique position I have as a Realtor who is captivated by the world of investing.

Regardless of city, we are expected to know the codes and while most codes are universal, there are unique requirements that municipalities can apply in addition.

In Sacto area condos seem to be most affordable as long as HOAs fees are reasonable range and rents can cover them.