I also discuss with new agents what I am looking for in terms of cashflow or return or some mix and the wanna be agents seem to always bring me properties that have significantly negative cashflow and then can't answer any questions as to why they brought that particular property to me.I am needless to say, frustrated.  

I am NOT an expert in construction by any means - I only know enough to be dangerous.

Some buyers try to use this as a metric for an offer, so if you decide to sell the negative would be a potential (often uninformed) buyer trying to use that to low-ball you.

So I only have four options- go through with it at $18,000, find an investor with experience that wants it for rental, Negotiate with a price to backout of a contract to pay the seller for lost of time and opportunities, or wait until he sues me (which I prefer not to get sue by any means- as the result to be ending results -based on the contract terminology would mean I would still have to buy it, and then I would end up paying some lawyer fees as well). 

The only downsides are that it negatively effects your DTI and you are paying on the loan if you are using the $$ or not (vs a line of credit). 

Be prepared to carry a negative cash flow for some time until rents rise sufficiently to cover the neg.

@Sean McKee I only have 1 property in Chicago but I use rentapplication.net. 

Wondering if you could share any feedback positive or negative before I proceed with them!

Also, disregard all the negative Nancy’s that will either tell you horror stories about bad tenants from their friends’ rentals or that real estate is a bad investment..that we’re in a housing bubble etc.

Lately though normally the older generation 50 and above have been very negative about investing in real estate because of the future market crash that they say is “very soon”.