BRRR - Does it work with single Chicago condo units?

[Luke Shaw]

Hi BP,

I'm a young professional ready to buy my first piece of property in Chicago. I don't have the funds to buy an entire 2 flat or 3 flat (yet), but I COULD buy just one condo unit if I found the right one.

My question: is buying a single condo unit in Chicago a financially sound decision that fits into the BRRR mentality, or should I continue saving and renting until I can buy an entire building? As someone who would always prefer to DIY first, the idea of answering to an HOAdoes not sound fun. I'm also afraid it would sap my cash flow. However, I would love to start building equity and pay rent towards a mortgage rather than burn it on rent, and a condo seems like a good beginner property.

Thanks!