If so and the monthly payment isn't too bad then you're still moving the needle forward if your main goal is wealth generation and not just cash flow. 

We also have a bank account at a smaller Chicago community bank, but there technology isn't as good to be honest.I think @Jonathan Greene's main point is don't step over dollars to pick up pennies. 

This doesn’t include any raises or bonuses.No kids yet, but we plan to have them down the line.Both of our credit scores are over 800, and we have no debt.The plan:I know sellers don’t always love FHA loans, and they can be tough to get approved for, but I’d like to use one to make this work.

Mostly a single ADU added in a single family zone area will add less value than the cost of the hands on addition.Depending on the financing my underwriting with a high LTV (80% LTV) for $200k would be cash neutral at a rent point at about $2200 when allocating for all expenses without including any land value.  

This agreement with your general contractor acts as a roadmap, with clear expectations and protection for all parties involved.One frequent mistake is the failure to include sufficient detail or being too vague.

There are kinds of guru's who will help you buy section 8 properties in a turnkey package including the rehab the property will need to get it rented.

Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

This should include potential rental income, expenses (including property taxes, insurance, maintenance, and potential vacancy), and your expected return on investment. 

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

The home needed a lot of work including roofing, windows, siding , kitchen, baths, and mechanicals.