New real estate looking for advice if possible.

[Kendall Moore]

Hi, everyone, I am new to the forums, I  have been reading a lot of other post about questions that I have. I wanted to make my own post. I have seen some consultants on post as well would love to connect to someone if willing to provide me with advice. I live in the Houston, Tx but I am originally from Chicago,IL. I am mostly interested in the Chicagoland area. I have searched the Houston area and not as much luck(I may be looking in the wrong area).

My goal is to hopefully start with multi-family no more than 3 units per property. Plan is to buy one property a year for the next 5 years. I want to hold these units for sometime and collect rental income. 

I am looking to buy a place and rehab.  Problems I am seeing in Houston, a lot of new construction and the numbers are not working due to the cost of the new units. Chicago has some homes I have come across low prices but may need a lot of rehab.

I am also looking into what pitfalls to be aware of when trying to do a rehab project on homes in major needs of upgrades in Chicago. Zoning laws permits ects. 

I am open to the price point of 50k-150k purchase plus about another 50K-100K for rehab. 

Would also like to rent out to section 8 tenant if possible. I have checked into starting the process but it seems as if you need to have the property to apply.  

[Kendall Moore]

Quote from @Nathan Gesner:

Quote from @Kendall Moore:

You can find more multi-family in Chicago for under $200,000 but there's a reason. Chicago doesn't appreciate as well as Houston and is a lot more difficult for Landlords. Those properties under $200,000 in Chicago look pretty rough. And how are you going to renovate and manage them while living in Texas?

I would consider looking at markets that are affordable without the tenant-friendly regulations.

 I am originally from Chicago. I visit often and have a lot of contact there for repairs if needed. I also hope to move back there some day if possible.