With a Conventional Loan you can buy a SFH, Duplex, Triplex or Quadplex with as little as 5% Down if it is your primary residence as long as you have the intention of occupying one of the units for 1 year after closing escrow.This is the strategy I have personally implemented and have assisted many of my investor clients in doing the same. 20% Down is also beneficial as it keeps your payment low but it does limit your ability of buying more real estate faster.i would be more than happy to discuss the different strategies with you over the phone or in person.

If it did flood though, I personally would steer clear.

If there is a due on sale clause in the loan doc then it doesn’t matter what the loan officer told you verbally.I’m not an attorney, but from my understanding of the loan is still in your name personally a good litigator can pierce the veil and your LLC protection wouldn’t amount to much.

Some will shed most is not all of their rentals and just do lending .. personal choice.. some things to keep in mind ONLY do first loans. 

Non-recourse has less personal exposure, but you need a very strong balance sheet to secure this without bringing in a KP.

I personally think being a landlord in Chicago is easy and I have never had an eviction. 

I have a situation where a person I know is moving out of the country and would be looking to put their home for sale in the summer.

The flippers we personally work with in California have not run into this issue (as far as I'm aware).

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

The interest rate on a HELOC or Heloan may be better than the personal loan.