Wife and I are both self-employed so acquiring a traditional mortgage is challenging based on our "on paper" income.

@Evan Thomas AndriolaDepends on the proeprty/tenant Class.Class A: we usually recommend newer/nice appliancesClass B: we recommend used appliances because tenants don't take the best care of them.Class C/D: we do NOT recommend appliances because tenants don't clean, leading to so much caked on food/grease it's realistically not cleanable.

Since you’re new, consider financing options like conventional loans (5-20% down), FHA loans (3.5% down for house hacking), or DSCR loans based on rental income.

So, why is McDonalds still spending billions on advertising?

Make sure as part of the agreement for cash for keys there is language on how he leaves the property.

Sorry not been on bigger pockets for couple of years now.

The transition isn't just about property size; it's about shifting your entire approach.I've observed that successful transitions typically happen when investors have:- Stabilized 5-7 single-family rentals with systems in place- Built relationships with at least 2-3 reliable lenders- Established a maintenance crew that can handle larger projects- Accumulated at least 6 months of operating expenses as reservesI asked a client of mine who owns a 420-unit multi-family in Nevada how he started his RE investment journey, and he told me that he started with a duplex in Buena Park, CA, 40 years ago and used the 1031 exchange to grow his portfolio to 420 units, never paid taxes on sale of any of his properties.The most seamless path I've seen starts with small multi-family (5-10 units) rather than jumping straight to 50+ units.

Governments best intentions ruining it on all sides, helping no one, I think.

I am planning on closing on the purchase of a two flat in the South Side of Chicago, in a high crime area.

Here is a list of meetups from BP:  https://www.biggerpockets.com/forums/521-real-estate-events-...Also, find those same movers and shakers here on BP in your area.