What seems most attractive for now seems to be multi-family markets starting out and eventually moving into 5-20 unit properties for growth. 

In my experience, cost segregation studies are a lot less than $10-15k especially for smaller properties (6 units and below).

Industrial is supposed to be a bit harder to enter initially for folks who don't have capital, but the tenant base is responsible for their units (not you). 

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

Owner occuppied loans regualted in every state .. must have state license and NMLS registration.NON owner occ loans on 1 to 4 units are regulated same way in about 15 statesin the other states they are unregulated.Keep in mind though investor loans do not follow the same rules as owner occ and rates can change charges can change closing dates can be blown through etc

These units are in rural Illinois. 

One other thing to keep in mind is that you have more financing options on 2-4 units than you do on 5+ units.

Why 4 units in 4 years?

Also a mortgage lender with United Mortgage Corp.

What if you have an apartment complex with 20 units?