If you need to pay all cash you also should easily be able to get a high ROI, but who will manage these investments? Are you familiar with Chicago and it's various neighborhoods?
Let me know if you want to talk about any of this. My web site lets you search for property, even foreclosures, if you want to take a look on your own.
Get a good loan office, real estate attorney, and a real estate agent.
Ask them for advice, tell them your situation, and move forward from there.
Americorp Real Estate
Brokers Associate, e-PRO
And my concern is why are you gathering your information on Trulia....
With 1 Million $ in cash I would assume that you have an attorney, tax adviser, and potentially
an international Realtor....
So having said that, if you are living in Europe, connect with a good international Realtor/Brokerage company
and attorney and together they will connect with a partner Realtor in the US to explore your best options....
Hope this helps!
Edith YourChicagoConnection YourRealtor4Life
Working always in the very BEST interest of her clients