Purchasing Vacant Multifamily

[Russell W.]

I'm looking to buy an owner occupied 3 or 4 flat in Chicago. Of the properties I've visited with my realtor it seems that about half of those properties will be vacated at the time of the sale. As a full time real estate investor I could see this as an opportunity to do any rehab and select my own tenants right away, rather than inheriting someone elses. 

However, for a first time investor like myself, who doesn't have huge amounts of capital to float the bill for a few months while finding tenants, I see it as a daunting speed bump. What are your guys' thoughts on the situation? Is it still worth the risk? How quickly do you think the process could be to vet out potential tenants for the first time? Am I looking at paying the mortgage without the help of renters for a month? 2 months? 3?

Understandably each market is different in terms of demand for units, but just trying to get a basic idea of what I might be getting myself into. Any creative ways around this? Thanks for the help!