Some investors like to use a "subject to", to see if you can bring the mortgage current and take over payments.  

Typically I see BRRR strategies either put money back in your pocket, or at minimum net $0 cash investment.. this deal would require me to spend $40K after the BRRR, and probably not have a reliable backup/exit strategy (i.e. a flip would likely be a loss or net $0).2) Is there an alternative way to purchase this property, other than hard money, that anyone would suggest?

Maybe someone with reliable knowledge will chime in here.

I need a long term reliable contractor- (honest, as on time and as on budget as possible, not playing hot potato with projects)  to handle flip/rehab projects in the Chicago/Chicagoland area.

If you make a 12% cash on cash, reliably out-of-state, you will inevitably meet local folks who scoff at anything below 15%.

My guy Larry is excellent - very reliable, high quality and has a ton of different skills that save on specialists.

The only other way to to us other funds is for those funds to be in your account for over 2 bank statements.  

I'm from the Midwest as well and if you can find a reliable, competent, handyman for $30 per hour who is always on call I think that's very fair.

Currently I am actively looking for a reliable contractor to work with for the rehab after closing.

My primary fear is that we'll buy a house, and have it sit without a renter for a long time, or we end up barely covering mortgage.In your experience, what has been the most reliable source of information for:Average rent in the areaTypical vacancy periodsI've seen information on the standard real-estate websites like Trulia, but the ranges between websites vary quite a bit.Thanks a lot for the help/advice, and apologies in advance if this question has been asked/answered in the past.