Definitely need to understand that 10% of gross rents go to capital expenditures, 10% goes to maintenance, 10% needs to be included for future PM fees, 8.3% needs to be included for vacancy, and then pull all your numbers on the electric, gas, and water that you would be required to cover.  

For example: they may list a water leak as $1000 repair when it may be a $7 shut offInspections on HUD homes are costlier and it some cases not possible in some cases do to the inability to turn on utilities. 

However, that would be like going fishing and never casting your line in the water while expecting the fish to jump in the boat.

If I could I would turn the power, water, cable and internet off to hopefully rid them of the property sooner.

i.e. 10 years for furnace, 8 for water heater etc.Note that these are not actual numbers for these items just examples.

It's not a sewer line, it's a 3/4" water supply.  

If you sit through enough of the CIREIA meetings that are only available to paying members of your club, you'll start to get a good feel for who is knowledgable and experienced vs. who is full of hot air and pipe dreams.  

Do the hot ones fly off of loopnet?  

Finally, the strategy of turning your primary into a rental and purchasing another primary works best when the market is tanking, not when it is hot ... then in 2 years and change if/when the market recovers, you can sell your 1st tax free, or keep as a rental if you prefer at that time ... buy low, then sell high rather than sell high, buy high (or sell low, buy low) like most people do. 

Avondale is a hot neighborhood, as is directly North of Logan Square, and close by to the highway and Blue Line.