Getting started in 2-6 unit rentals and LT planning

[Lance V.]

Hello all,

This forum seems to be the best body of information, people, and resources I've found regarding CRE investing. I've been enjoying researching my investment interests. It's nice to meet you all!

Background:
25
700+ credit
10k bank (constantly increasing)
32k salary + commissions (rapidly rising w/ new accounts)
- I believe this qualifies me for ~100k purchase with 10% down?
Live and work in South Chicago

Experience:
I was a licensed agent in IL and CO before returning to college so I have a general knowledge of real estate, although that was more residential and right when the industry tanked. I also spent a couple years laboring for a flipper/investor/holder for sfh’s.

Getting Started
My interests are 2+flats, du/tri/quadplexes or small apartment complexes no greater than 6 units. Basically beginner stuff within my realistic financial abilities. I'd prefer to live in a unit as well to gain experience and avoid paying rent elsewhere. I've read it makes financing easier as well. Longer term goal is larger apartment complexes.

I'm mainly seeing expensive units nearby and affordable ones a few miles farther south in rougher areas. Of course these are just listed ones from the internet. I'm not sure I'd be comfortable living owner occupied in the rough areas but it would be a start, affordable, and would possibly make S8 investments. Maybe a temporary live-in. A means to an end to gain cash flow/equity to move into a bigger complex in some years.

Any advice? Long term and short term? Looking to pull the trigger young and make good decisions and investments.

Thanks kindly,

Lance