What HUD lists as FMR and what your local Housing Authority will determine as rent reimbursement based on number of bedrooms can vary WIDELY (and often not to the landlords benefit).For example, HUD's FMR for a 3 bedroom unit for 2016 in my county is $997. 

Again, lots of varied content to learn from:-Michael Quarles Real Estate Show (short and to the point episodes)-Mobile Home Park Investing (great tips, even if this isn't your niche)-Flipping Junkie (actionable tips for just about every REI level) Between everyone's recommendations you'll have tons of content to keep your commute educational!

Also, even if the previous owner only owed 60k, you have to take into consideration the cost of foreclosing and the lost income if they hadn't been paying for months or years, not to mention any other costs of satisfying tax liens or maintenance issues that need to be resolved before sale.So, speaking as someone who has bought only 3 foreclosed properties:  You make an offer that works for you, and depending on how anxious they are to sell it, and how much interest they've had, they will accept or reject.  

It really just depends on how much of a trusting person your friend/relative is.

But I am familiar with other exit strategies depending upon the market and deal. 

That really depends on your comfort level.

I'm actually a managing broker myself so I do know how dual agency works (it varies from state to state and is different than you described in IL).

I buy a lot of properties in Metro Detroit and I've seen deals like that but those are in neighborhoods that I feel like I should be suiting up in full combat gear before I get out of my car.Realistically in C+ neighborhoods you should be getting a Net ROI of around 12% possibly lower and possibly higher depending on mistakes that are made and what kind of luck you have. 

Eventually it would be full time once income is up enough.I know it can depend a lot on the market and area, I know it can depend a lot on what types of tasks you can automate and it will be systematized at some point but at first I will be doing all the work.Another question that I think is important is if you had to pick a average number to shoot for what is your average profit per wholesale deal, 3k, 5k, 10k?

And it also depends on the experience of the home inspector as well.