My goal is to get into areas like Grand Boulevard/Bronzeville, East Woodlawn, etc for a few reasons:I work downtown and am looking to get closer to my job.

@karandeep Yes forsure any tips I get along the way ill be sure to share with you, Right now im just saving a couple grand to start the process.

I failed on a couple of SFR deals in the Arlington and Grand Prairie area a couple years ago when I was itching to just get a deal done, and I'm still climbing out of my hole to try again...although much more informed thanks to BP!

I was on a federal grand jury, can't say anything about the crime, but amazingly even little white lies can be considered fraud if the district attorney is really out to get you.

I just got back from Grand Cayman and thought it was a place I would not mind owning some real estate.

2bdr, 1 bth, single car, nice area of all more expensive homes for 18+K, 1968 on a contract for deed, first house I lived in and sold it making almsot a grand over my costs....big money for a young guy then....LOL COsts included my $150 payment, taxes and insurance for almost 18 months...yes, it's still a good way to start.

You miss out on the tax deduction, thus increasing your tax exposure, you open the door for frivoluos lawsuits, you lose the power of leverage, and perhaps the most detramental point is that the equity sitting in the walls of your home earns you a grand total return of 0%.Use the equity to buy RE, use leverage, keep every tax deduction available to you, and acquire many more properties.

Have you concidered the fact that it will cost you a good 10 grand up front to furnish a 1-2 bedroom property to get it even close to AirBnB-able? 

You are precisely right, that same house for $30 Grand in your area, would be at $750K in Orange County, California. :)  Man, I wish those types of properties were in my back yard!!

They pay may not be grand but the person would get a taste of remodels, additions, permit process, etc.