@Juan PerezCongratulations on paying off your first home and transitioning it into an investment property!

The numbers vary per project, but it helps to get things done on time.

You won't run into too many with the quality housing, but there might be a few good Sec 8 homes that you get a good deal on and you want to be prepared.Otherwise, pay special attention to the finishes you use as the quality of finishes can leverage an extra 10-20k in appraised value which can get you the financing/refi that you need.Happy to connect and help where I can!

How do you pay for the tax and insurance?

One thing to note when getting conventional mortgages and spouses.There is a 10 limit per person for conventional financing.You can either do 10 conventional in each person's name which would be 20 mortgages for 2 people or if you do the mortgages jointly, will only allow 10 in total.My thoughts are not to own joint assets until you are both married. 

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

Can they bypass this requirement if paying in cash?

But yea I’d have to call and figure out if I would need to pay anything extra for that

Use a quitclaim or warranty deed to transfer the title, and be prepared to pay Chicago’s transfer tax, calculated at $7.50 per $1,000 of the property’s fair market value.

Maintenance can also be a factor—while newer homes may require minimal upkeep, older units might need more frequent repairs, particularly for things like plumbing or HVAC systems.Some things to pay close attention to:Zoning and Permits: Check local zoning laws and permit requirements to ensure you’re allowed to place a mobile home on your land and rent it out.