This is not a bad deal you've outlined, but not a good one either.Most seasoned investors look for properties that they can either:1) Get below market price2) Get seller financing3) Can somehow "reposition" via cost-effective improvements for higher rents, or adding a unitWith the market cooling off, you should find more and better deals.

We were talking about dropping the rent from $1650 to $1600 to drive some interest knowing that we are approaching holidays and the slower winter season, but we just got our first solid applicant last night (Researched comps showed pricing should be: Zillow $1688, BP $1650, Rentometer $1600, two comps in neighborhood with 1 less bedroom are at $1600 and $1550 but they have been vacant for a while).

Thats where the funds most likely will have to be seasoned, come from, have the check written from etc.

Get out and network - it's the holiday season so be merry but stay focused.

I'm from Houston, depending on when the reno is done, make sure you get the tenants lease to correlate with prime rental season.

The location we chose will be a 4 season rental (skiing, snowmobiling, boating, fishing, golfing) with lake/dock access.

Therefore, im getting into a place thinking is it because of the holiday season or i should just go ahead and less my rent.

Combine this data with the increase of withdrawn sales and it may be more than a typical slow winter season and more akin with what market analysts have dubbed a seller’s strike.

Winter is the best time to get a deal in Chicago...I even call it Deal Season!!! 

When I cashed out refinanced on my rental, I looked for collateral based lender that had the least amount of fees to originate, no seasoning period, and highest LTV.