I analyzed properties everyday, from there I would narrow down certain ones to tour,  after touring I would narrow down ones to make an offer on, I would make offers that were favorable to the return I was looking for, most offers would get rejected, but some ended up working out.I believe with the 1st property, timing was on my side.  

This is, at this very moment, being discussed in Springfield: Rep Delia Ramirez has introduced new legislation in favor of rent abatement and now she has support from Chicago Representatives and Senators.

In light of this, you'll want to run your numbers strictly as a flip, even though it will be a live in flip.  18 months isn't enough time to have the buy vs rent part (or live-in part) of the investment play out in your favor. 

Abby - do yourself a favor and hire a good property manager that can communicate with tenants on your behalf. 

The crime rate seems to be high and I have not got any favorable appreciations in this area for the last 5 years.

During litigation there is more pull on potential settlements for more favorable modifications.

You will be doing them a favor and you will be doing anyone they sign a contract with down the road a favor.The way I see it with tenants and the contract is that if you don't hold up on your end, they're quick to call you out on it.

The market has been in our favor for long time so much that you could mess up a rehab but the home prices were still going up so you still made money. 

You won't be able to get a conventional 30 year fixed loan if the property is under an LLC.You'll need to look at commercial/portfolio loans which will have a slightly less favorable term/rate.

Sounds like an excellent opportunity and you were able negotiate a very favorable discount given the market uncertainty.