Aside from downpayment, you want to have a solid emergency fund in place, something that can cover unexpected repairs, vacancies, or any other random costs that pop up.I’d also recommend saving more than you think you'll need and keeping a close eye on your expenses.

I highly recommend an attorney to draw one up as each state and each property can have unique issues. 

In addition, the Grantor will probably be required to sign the same seller's affidavit that are needed for a non DIL closing. 

In Illinois for commercial property, property disclosures are not required. 

If you're an accredited investor able to meet the minimum commitment amount required by the fund, I have to imagine you have access to opportunities that are more favorable to you as an LP.

I’d recommend connecting with local property managers and agents as soon as possible—agents can help you identify deals that fit your BRRRR criteria, and property managers can give insight into rental demand and market rents.

Your ability to qualify depends on income, credit, and lender requirements, but leveraging your equity makes your request more feasible.

We recommend RentRedi for tenant and lease management. 

Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing.