I'd target areas near colleges or transit hubs for affordable properties, and I’d look into financing options like FHA loans or creative financing to make the most of my capital.

I will secure the loan for everything.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

I love that you have specific goals for 2025 - I believe if we think it, write it, say it, and share it our goals are 10x more likely to come to fruition.Are you able to do option 2 and just house hack a 2-4 unit building and use a renovation loan which allows you to put down 3.5-5%I highly suggest getting to some local chicago meetup groups (we have an in person one on the 17th)...here is BPs list: https://www.biggerpockets.com/forums/521-real-estate-events-...I also have a full list of the chicago meetups that I can share with you too if that'd be helpful.

For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity.

Except that you will be required to get a loan for $200k or put another $200k from your pocket in to the deal.

They wouldn't be able to get a mortgage, but would have to do some kind of SBA loan or other commercial loan for the business with the properties as part of the business.

Quote from @Nicholas Dillon: I read somewhere that you can request to have your mortgage insurance dropped once your Loan to Value reaches 80%.

I am seeing a lot of movement on VA assumable loans.

Yeah my goal is around 30% but its hard to achieve, especially using a hard money loan.