However, if you’re just a W-2 with no STRs or REPs, it’s going to be challenging to reduce that tax via real estate. 

Consider how your property would do as a LTR and underwrite those numbers (worst, middle and best case).I am very happy with my investment but it has been a lot of work and many challenges managing it from California.

Just be mindful of the demands and challenges it entails.Best of luck with your venture!

As an owner-occupant living in one unit in a multi-fam, you will have more leeway in who you can and can’t accept according to the law, but it’s always important to be aware of the rules to make sure you stay in compliance because you want to avoid having to defend yourself from an accusation.

I get it.. for homeowners this is a no brainier for apartment dwellers this is still going to be a challenge going forward. 

Each unit is individually owned, with some owners holding multiple units.A few things I’m trying to understand better:Pros and Cons: What are the main benefits and challenges of owning multiple units in a property like this with a condo setup?

Starting small and scaling up is a tried-and-true path, and this community is filled with people who’ve walked that road and are eager to share their experiences.Feel free to ask questions, share your wins (and challenges), and tap into the collective knowledge here.

Challenges?

Depending on where you are looking, inventory for 1-4 units can be a challenge as a lot of the NW suburbs are all single family homes unless you are further NW like Rockford or Elgin or something like that. 

It's challenging to find lenders that are willing to be in 2nd position on an investment property, but I called quite a few during the process.