You may get better results by purchasing a duplex, triplex, or fourplex.Here's a guide that describes what good cash flow looks like and how to analyze a property.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Ken’s questions should be foremost in considering the purchase.  

I am curious myself on how purchasing a wedding venue business would turn out.

Are you wanting to purchase in the same area of Chicago?

Yes, there are definitely 15% down options available for investment property purchases!

When did you purchase these properties?

For my clients, I like Easy Streets bridge purchase and STR DSCR programs. 

And if you purchased multiple smaller but newer properties, you'd eliminate the Friday night phone calls and the unexpected expenses that negatively impact cash flow.When doing a consolidation exchange, you should be mindful of the time frame requirement of the 1031 exchange and your reinvestment requirement.

I purchased at 300k with 5% down & put roughly 90k into the property over a 2 year period.