I should mention my dad is a disabled vet as well and is maybe interested in growing a portfolio too so we could team up.

Getting those numbers you are mentioning is more than possible here.

As others mentioned, you're going to have a very hard time getting a loan when you're currently in default on any kind of mortgage, HML or otherwise.

If they aren't taller than two floors, you might not be able to go up.I thought about that and mentioned it to the Contractor.

I should have clarified when I mentioned the housing is for individual veterans.

If you purchased this property with conventional financing, then as already mentioned 12 months is needed to pull cash out. 

A couple other neighborhoods I like besides the two you mentioned are Washington Park, Hyde Park, Woodlawn, and South Shore.I think that area will continue to be gentrified because you have the lakefront as well as CTA trains.Is there any reason you are targeting Chicago instead ofdoubling down in Kansas City?

Would be happy to meet up and discuss your goals in more detail.Glad you said it, I didn't want to come off as being negative@Jackson Harris  the Phoenix area may not be for you with that kind of money yet for all the reasons Scott mentioned. 

Yet for owners of rental SFRs, duplexes and condos—not to mention retail and restaurants—COVID-19 threatens to reduce landlords’ rental income, perhaps entirely.

I personally manage my rent by the room property and yes there are some headaches, but as you mentioned it's one of the most viable ways to maximize returns in a high-priced market.