The fourth one-bedroom was built for some of my nephews.

But, I also know business, and they were pretty desperate to close by quarter-end, which is this month.My prior flips were purchased from a wholesaler, so this is the first time I have been though this part of making a deal. 

@Shelly Forte is organizing a BP Meetup although it's in the NW suburbs (very far from you).I also organize a Lender Meetup every third or fourth Wednesday of the month in Downers Grove.

Crossing over the border the NEREIA in Chelmsford and a good quarterly meetup in Reading (just missed it, so it will be awhile).  

It's not ideal, but it does keep tenants from feeling like they can burn through as much as they like because it's free.I would consider doing an overlay of the walls with that  thin drywall (quarter inch, I think?

I have been saving and may have a quarter of what I need but I need to be able to qualify for a mortgage my first go round.

If you go big enough, going to a C corp may become better.An S corp has quarterly tax filing requirements, files its own tax returnThe owner needs to take a salary (and pay social security & medicare tax), etc. 

Some lots will allow only one single family unit others one SFH with a mother in law quarters, some will allow more than one house to be built on one lot and yet others will allow multifamily units that is covered the zoning laws , regulations or ordinances.

I am located in Tampa, FL and my goal is to purchase my 1st investment property by the end of the 1st quarter of 2016.  

Happy Fourth and thanks to @Jared S.