Do you view cap rate compression as a bell weather for higher rents and thus even higher appreciation in the near term?

Real estate investing sounds easy and straightforward, but it really can be nerve racking if you aren't used to all the things that can go wrong.

Then I hear about this thing called a Home Equity Loan that, right now, would be paid back at a lower rate than 7%.Let's say I can get the cash together to outright buy the house and then take out a home equity loan at a lower rate than the banks are offering me for a mortgage on a rental property.This sounds like a good way to buy a property and pay a lower rate... but I haven't heard too much about people doing this so it makes me think that there are better ways to use the money that is put into buying that house...What are some considerations that need to be made?

You have a good job that sounds stable, that is good news for lenders but that student debt will be bad news.

Have recently picked up a 4-plex in Marcellus and  a duplex in Camillus which sounds to be in your desired area so keep looking.

If you are worried about doubling down, then it sounds like there is an area you are uncomfortable with.

It sounds like the Chicago opportunity is to buy a value add opportunity - which will take capital and expertise to make improvements. 

You sound like you plan to renovate at some point so I would say wait for that project until that tenant moves on completely.

Your first home sounds small will you be able to add another bed/bath on that property?

I thought both sounded high but its within 10 blocks of 2 major universities (Illinois State University/ Illinois Wesleyan) and from the research ive done, rent is very high around those schools.