@Rhett Tullis, the lender in their inspection identified some issues that need to be corrected within the first year - funds to complete those put into escrow. 

Is this considered a market correction? 

@J Scott has it correct, you need to know ALL of the numbers to determine a good deal.

Chicago puts violations on title which is why a 203k loan or having the funds to correct at closing are your only options.Your agent should have explained this to you before going under contract.  

I've seen a few projects go bad based on these fundamentals but can be successful if done correctly.

I have ideas in my head but I am not finding the correct answers doing google searches. 

@Kevin Martin let me correct that, I actually do bid at online auctions but have not yet won one.

v=AFIxi7BiScIA video from DW TV about Wealth people and middle class - pay attention to the super wealth real estate investor, immediately I turn a fan of that "monster" .. watch the video.my name is Thiago Zanetti (TZ is fine since no american I met yet can say Thiago correctly :D )I have been listening to the podcasts daily, reading some books, doing some researches online.In 2000 something my father gave me Rich Dad Poor Dad, that consolidated my idea of starting a business.I own Fly Shop Brasil - Brazil's premier fly fishing shop.Ok, that's my introduction. 

@Susanne OwensI believe your realtor is correct.

Please correct me if I'm wrong like I said I'm new and don't have all the knowledge.