So I am back to square one, trying to figure out how I can put the kind of deal you mentioned together.

This is a pretty close replica of the first investment property that I set foot in years back just getting my bird-dogging newb-feet wet in this industry.

I have spent the last 4-5 months getting to know a guy who flips within a 4 square mile radius of Chicago (has done over 100 in the last few years) and has gotten to the point where he set his own comps at times.

HAR shows 3BR/2B condos in that neighborhood listed at $2450-$2500 but they are 1900-2100 square feet.  

@Kim Pham  thanks for sending me the APN  number this lot although very well located in Bennett valley and surrounded by 500 to 800k homes.. is from looking at the plat map left over slip of land... its only 60 feet wide and its 300 feet long. 

I just watched a webinar, in fact, and will commit to analyzing three deals in the next 24 hours to get my feet wet.

At this time, I will be able to jump into the RE game with 2 feet as she will bring home the guaranteed income (sugar mama?). 

The appraisal came back two days ago, and the square footage is less than I thought, so his ARV is $75,000, as oppose to the $85,000 that I was hoping for.

You don't necessarily have to regrade the entire property, just create a swale all the way around the house a few feet from the foundation that can route the water where it needs to go.

Now it is squarely in the path of the billion dollar downtown renovation, and I have no problems finding quality tenants.