You are still exiting with a refinance and thus the terms wouldn't change on the exit whether you are buying in cash and then refinancing versus doing a construction loan and then refinancing.

They’re buying themselves a job.

Quote from @Veronica Mitchell: I'm looking to see what are some of the multi-unit in and around Chicago area to buy in? 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

You are generally going to either buy it at 95% of value or what is owed, which ever is lower. 

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

I originally wanted to buy into a vacation rental market but this last year has been crazy and we seemed to have been priced out.  

The majority of the business I do is buying small multi families and identifying the towns that are more favorable for investing. 

(August 2022)Single-family residence buy & hold investment.Current Value Estimate: $410,000 Purchase price: $345,000 Cash invested: $5,000