I've read a few books about real estate and basic financial improvement.  

We got a home improvement loan about 19 years ago and added on to our house for our new born daughter.

It is my goal to make the second unit rentable.I will be on biggerpockets for knowledge about being a landlord and improving a distressed property.

You would need to do an energy audit and the auditor will give you recommendations (cost breakdown) on improving the energy efficiency of the home.

This will be an improvement for the three adjoining 550 square foot 2 br unit in Wicker Park, Chicago.  

Learn as much as possible, develop some great contacts, determine what your niche will be (style of investing), set some goals, and continuously improve your financial situation.

I have a good deal of experience with the area from home improvement sales and financing.

Still decent rates on these loans, granted not the same as a standard FHA, so you could consider a FHA 203k Streamline or a FHA 203k traditional.Streamline could be properties that need less than $30-$35k initial improvements done by 3rd parties.

Consider an exotic product like a "leasehold" exchange which would allow you to exchange into improvements on the lot you own.  

My sister and I have teamed up on this new venture with the desire to make a better income and improve our financial future.