Streamlining Renovations for Efficiency & Cost ControlManaging multiple renovation projects at once demands an operational efficiency that can be tough to achieve.

In high-cost markets like Chicago, that can be tough to meet.If you're looking at a duplex, the self-sufficiency test doesn’t apply, so you’d just need to qualify based on your personal income and the rental income your lender allows.If your current lender isn’t familiar with making FHA work in your situation, it might be worth getting a second opinion from someone experienced with FHA multi-unit financing.

You can present an offer that aligns with your financial goals, but be prepared to walk away if the seller won’t negotiate to a price that ensures you’re not left in a tough financial situation.

In terms of maintenance, they are generally safer because you are not responsible for the exterior and common areas and potential leaks, etc.

Pair that with E-myth to build solid systems and Can’t Hurt Me for mental toughness, and you’ve got a killer combo.But here’s the real trick: consistent action.

As for foreclosure, yes, the debt might go away, but it would wreck your credit and make it tough to borrow in the future, so that’s not a great fallback.

I would focus my attentions here and try to stay local (within a 4 hour drive) as the POH rentals require more engagement.Financing is a tough deal... but sometimes you can find those Mom and Pop operations with quite a few POH rentals that will work with seller financing on a reasonable interest rate with a balloon within 5-7 years. 

Juggling between work and personal life can be tough, but having a property manager can take some of the pressure off and let you focus on your other priorities

@Timothy Frazier  This will be tough as the HML will want a 1st position loan, but so will the other lender providing the rest of the funds. 

House hacking is still one of the best ways to get started, especially with an FHA loan, but as you mentioned, competition for good multi-family deals has been tough.