The math is a very big part of the deal of course but to me if you can at least get the basic math down you will be fine. 

Obviously lots of factors in this decision but I guess the basic question would be how much you value your time?

As you know, becoming a real estate agent is basically starting another business.

Yes you will also need your certificate of formation, operating agreement, franchise tax info(if applicable in IL)-basically just bring the company book with you.

Articles like this send my brain into overdrive thinking of all the potential for multi family build to hold, basic prefab homes to fill an affordable housing gap, and other projects a market like this could support.

It might even work after the purchase (basically your insurer goes after the previous insurer).2.

@Deforrest FergusonThey are basically the same. 

If I increase the rent by 10% starting November 1, it basically gives them 70+ days to decide whether to stay or to move out.

Continue working my reg 9-5 now while I finalize concept and shop for some used equipment4.

Here are some basic pros and cons:Pros:Your capital often goes much much further in other markets, esp if you live in CA, NY, HI, or the Seattle/Tacoma area Getting comfortable with OOS investing really opens you up to greater diversification of your REI portfolio as you build it.