I Have The Capital To Invest.............
$30,000 but need help with the smart moves. I live in Illinois cook county and would like to invest in a foreclosed property to be used for a rental. this will be my first ever real estate investment so i do not want to make mistakes. Thanks to those who share the knowledge! 
Dear Bluesisland,
My suggestion is that you keep the $30,000 in a nice bank account while you educate yourself a little into the highly complex frustrating field of real estate.
Of course you can simplify everything by reading a few books and attending some of the meetings of the local real estate Investment group.
As a member of our great capitalistic society you are charged with a very important task. You are not allowed to in any way suffer a loss in investing. Now remember this it cannot ber tolerated.
Just why do you wish to purchase a house that is in foreclosure? Why not just purchase one that after you get thru figuring out your returns on investment, throws off a nice return and in such a manner as to keep from paying it all back in taxes. There are bargains and some are just persons who through personal circumstances have to sell. Could be a simple thing, like the owner got transfered. Or the owner went to jail, or got married to a lady out of state who hates Chicago. whatever. They want to sell and move on. You buy, rent it out, get money, (you hope) every month in rental income and life goes on.
I suggest you sit down and write yourself a letter, in it list all of your true goals. What is it you are really wanting to do.
That letter will clarify your thinking. Then having had a good look at you and everything around you. Then educate yourself with a little reading, a meeting or two with some of the nice investors on this site. Then and only then proceed with your plans. $30,000 is a relative amount. You do not want to lose it and yet it can be the beginning of something else.
Does this make sense? It does? I have failed again.
Cheers Lucius