Choose wisely.

I'm assuming you are in DuPage, which is better than Cook, but the long term isn't pretty RE tax wise anywhere in northeast IL. 

Central A/C is damaged beyond repair and needed to be replaced, which can't be done economically or with coopperation of the HOA and other neiighboring owners.

But I agree this was NOT a wise Invesment.

Hello @Melissa Sejour,Choosing an investment city is the most important decision you will make, so you are wise to carefully consider your options.Where you invest depends on your goals.

Quote from @Jay Hinrichs: Quote from @James Wise: Quote from @Jay Hinrichs: Quote from @James Wise: Quote from @Dawson Brewer: Here’s why I’ve started using novations over wholesaling.1.

Would it be wise to use a HELOC on our current residence to use for a down payment on a new property You can make $ investing anywhere.

Once you go above $125k/unit you start to get into the high end areas that won't have very good rent/price ratios and are under the 1% rule mark for turnkey stuff.Neighborhood wise in the city the "East End" is where the most expensive real estate is since that's where the universities and a lot of the hospitals are located.

Quote from @Barbara Wise: Investment Info:Single-family residence buy & hold investment.

On 1 townhome in MN I spent $17,000 for one reroof, $7500 for a new drive way, and $10,000 for a deck replacement.