Obviously I’d have to put money aside so I can buy the house at the end of the mortgage, but the advantage of interest only means I can invest in other mortgages making saving easier??

Are there some unique advantages for people looking to get in the REI game in Chicago?

Also, I'm not too familiar with the tax advantages/disadvantages with multiple LLCs.

Should I do the remodel project first or take advantage of financing and do New Construction.

I think the picture is a little less rosy when you look at it this way. but could still be advantageous. 

Huge advantage for full time real estate pros.

Sure, you can offer your commission to the listing agent to try to get an "in" but you're also subjecting yourself to working directly with the seller's agent and if you aren't extremely familiar with the process, you're likely to be taken advantage of."

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

Often times we recommend saving medical receipts over the years, giving you the advantage to pull out larger sums at once.

Know your taxes as a foreigner:Rental properties have great tax advantages for U.S. citizens, but taxes are the tricky part for any foreigner buying a property in the United States.