I am from the Chicago area and looking to purchase my first property in the next 3-6 months. 

Taking the loss now is preferable to paying out monthly for the privilege of being a landlord.

If we had hundreds of loans out, we’d have enough monthly income to aggregate the payments into additional loans—but we don’t.If you do this, your note will have to have a compounding clause in it, provided by your lending attorney.

Quote from @Pierre Tran: You say the property nets $1,400 a month?

Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

I spent months reading, browsing forums and meeting with other investors to prepare.

If they have, you extend that time to 6 months from date of death.On top of that, every month you delay buying the house, the loan balance is going to increase. 

One day, one week one month? 

And also just became an agent a few months ago!

Assuming your numbers are accurate, I'm estimating your monthly "rent" or your contribution to the monthly expenses will be about $2,000.