Recolect, I love your idea of buying a fixer-upper. That would be a great way to start. But from a real estate investor perspective, finding a motivated seller is the most important aspect to finding a great deal.
Also important is your ability to close fast. Of course you want to take your time with inspections, etc., especially since your a first time buyer. But you still can get your financing in place ahead of time. That makes you a stronger buyer, enabling you to negotiate a lower price.
Don't know what the Chicago market is like, but over here in Monterey County, California, the market is brutal. But that is great news if you're a buyer. Buyers call all the shots here.
Keep us posted on your search efforts.
bry
News 
Market Data 
Discover 
