Congrats on your lot purchase in an awesome Chicago neighborhood like Humboldt Park.

Purchase price: $145,000 Cash invested: $60,000 Finding a move-in-ready home that offers modern upgrades and country charm can be challenging—but this fully renovated 4-5 bedroom, 2-bathroom ranch is the perfect solution.

Can you easily find cash purchases close to the property and things like that?

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

It may make sense for the right purchaser to repair.

Quote from @Jerry Zigounakis: Wondering what everyone's experience is starting an LLC or sCorp to purchase your investment properties under?

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

@Isaac Terry Recommend 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?

A home equity loan seems like a possible way to expand my portfolio, would consider buying a multifamily and renting out our current home to live in one of the units and purchase it as a primary home (assuming its 4 units or less), but being in the Santa Cruz CA area, I am afraid I'll need to look outside of CA for any deal that makes sense, and can't afford to lose my great job (can't work remotely).  

This is a story from my past that provides a perfect example as to why investing in tax liens at auction is so dangerous for any but the most experienced and knowledgable investors20 years ago I purchased a SFR as a long term rental investment that sat on a double lot.