Hence seller financing (see this article, thanks to Wood and Baker, who are on BP forums too, for multiple options) could be something that interests them to have a long-term stable income and defer the capital gains.

You would need a license.So I would buy it first on land contract in IL and sell it on a lease and rofr or lease w option.Here is an IL Lawyer's article re: ILCshttp://shearerandagrella.com/index.php/installment...

Per the article @Annie Graeter posted, rents will start at $800 to $1,400 a month for a studio, $1,400 to $2,300 for a one-bedroom and $2,300 for the two-bed, two-bath units.

:DI'm not being critical of you, but rather of the "fluffy" article masquerading as journalism.

What article do I need to read about why having $0 in a property is a good idea (by way of a HELOC)?

When we have to call them for a maintenance issue, you can physically hear them cringe on the phone.  

(You need to physically drive by the property to see what it looks like in person. 

Good thing I read your article.

Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideHow to Be a Landlord: Ten Tips for SuccessFinally -be sure to setup some keyword alerts - especially for "Richmond" so you can jump into local conversations.See you around the forums!

Would I be able to refinance into a 15 year fixed (conventional loan) or a 5/1 ARM knowing that I don't have that much money (physically) into it (vs. the equity and value of the property)?