I would also read as much as possible, starting with Brandon Turner's book (The Book on Investing in Real Estate with No and Low Money Down). 

Hi, I am a new investor and I am interested in a property in a low income neighborhood that has 8 standard windows with a few of them broken out.

However, this is an AMAZING opportunity to literally save nearly $100,000 in interest due to the low 3.0% interest rate!

They'll often ask about a shortsale listed at super low prices (often below land value) and then I have to be careful about telling them if it's really available or not.

Generally what is best in real estate is to be able to buy low and sell high, put out x dollars and take in 2x dollars, and there are one million ways to accomplish that.

Taxes are low, communities/schools are good, multiple types of transportation to the City, and many people who work in Chicago live here.Best neighborhoods for your price range: Highland, Munster, Griffith, Schererville, Crown Point (a bit further from transportation), Dyer, St.

Most aren't interested in low end, non-owner occupied condos, owned by an LLC.With a pref of 8% most of the cash flow will probably go to your partner and there won't be that much left for you.

@Wayne Brooks, @Kee Wilder, I feel like Batman--someone mentions my name on BP, and it's like shining the bat light into the heavens, I know to come help! 

While that's a low probability chance of happening, it's still possible. 

Closing costs seem low, but other than that the numbers look good.