While I mainly work with investors in the Midwest, the principles around cash flow analysis, tenant management, and property underwriting are similar anywhere, so if you want, I can share some strategies that have helped out-of-state investors avoid pitfalls and find solid Section 8 deals.

Even if you apply the general principles mentioned on this thread, the answer also depends on a lot of other factors, such as your overall income, potential suspended losses and so on.Sorry, the only reliable estimate can come from a tax professional asking you a bunch of questions, looking at your past tax returns and running your numbers through software.

It sure is a good time to be a tenant in Chicago right now, you can basically live for free.    

Extrapolate that forward another decade, it's basically like the board game Monopoly: in the end one player owns everything.

The barrier for entry is far lower than for real estate, and every principle you learn and master directly correlates over.

You should select the property based on sound investment principles and tax benefits as a nice bonus IMO.

And would like to at least do some basic vetting over the phone.  

Great to find nice used artwork at these places.Although do not ignore Goodwill for basic stuff like dishware, glassware, counter appliances, etc.....You'd be amazed at what people drop off there when they're moving in a hurry.

Basically i think it says if you cant get financing then you can pull out.

Quote from @Chris Seveney: Quote from @Keith Wilson: Any feed back is welcome  Have not taken the course but BRRR is basically dead right now due to interest rate environment - so if you take it I am not sure you can implement any training you learn at this time.