I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Quote from @Khon Kounbandith: Investment Info:Single-family residence fix & flip investment.

The pro development and affordable housing advocates use the term NIMBY, but I suspect it is the rare person that buys in a single family zoned area that would be thrilled to have 17 units (qp16 additional units added) in the lot next to them.My initial protege was the land source on this effort.  

@Veronica Mitchell - A little bit of an open-ended question since Chicago is just so massive and has a ridiculous amount of mult-family properties. 

But again, as mentioned, get fam with COC, Cap, IRR, etc.You said later you had $80k to invest in a multi family.

I grew up in North Florida so I have a lot of family, friends and business contacts in that area.  

Works just as well for a two family worth $1.2.

Exemptions to getting a 2nd FHA loan per HUD handbook are:-Job relocation 100 miles away or in another state-Increase in family size-Vacating a jointly owned home (ie - divorce or the like)

Hi Brad,It looks like you had lots of great answers already, but I wanted to chime in with my two cents.Using Traditional IRA funds for a down payment on a single-family home (SFH) investment property can be tricky because the IRS has specific rules regarding retirement accounts and real estate investments.

It’s a Single family home purchased for $250K with land value at $12K.