There's also plenty of existing assistance out there, from 3.5% FHA homebuyer programs to Section 8 to SSI/VA disability, etc. 

Typically repairs are something they would coordinate with tenants - did they inspect the unit, indicate they would be the primary POC going forward, etc.? 

Hey y'all, Recently purchased an abondoned car wash, converting to storage units.

Hello @Timothy Hilario,I think there are benefits to both strategies.If you move out of your apartment and rent it as a mid-term rental, you could see decent cashflow without pulling equity out of the unit.

Hi.On one of my 4 units there is a small fence on the side of it which is unit c and I have the teanent which has been there for 4 years.

Else, move to a smaller unit or take in an extra roommate.

Personally I was not stoked on the engagement fee and on that particular project, the listing agent (who promised to notify us if anyone else was kicking the tires on the lots) sold one of them and the project didn't make sense at the new number or units. 

Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

We specialize in new construction SFHs and small multi unit buildings in Chicago. 

Even better if you buy 2-4 units, live in one and rent the rest - then repeat every 12 months.