I probably can get 1500-1800 per month rent for a 3 bedroom, 2 bath (appx 1200 square feet) and can build for 174,500.

You can often get better rates with a national lender, but the customer service is non-existent, communication probably sucks, they may ask for the same documents multiple times, etc.

I am sure he has come across this plenty of times.Hey Jonathan, I appreciate the vote of confidence, but I've only ever bought and sold trailers that come with the land, so I'm probably not the best person to ask.

If you have terrazzo floors, then you probably have acoustic / popcorn ceilings.

Based on your post, it's probably best for you to simply not invest in Cook County for your own peace of mind.Sure, any tenant could stop paying rent and that risk is never zero.

Example: If you take out a loan for 7% you would want to make more than 7% to make it worth it, and probably significantly more.

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

Demand is very high, both for rentals as well as for sale and this is probably not going to change.

I can probably teach it, but I won't be spending that kind of money for the platform and I doubt people who wants to learn are willing to pay for the platform and tutoring fees. 

So I’m trying to come up with a game plan @Paige Seeley Your lender is probably saying that because in order to borrow from THEM, you have to put at least 25% down.