I also buy my own materials.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I want to buy it and build a prefab home 3/2 around 2k sq ft.   

My personal preference for a buy and hold would be an already established area (or an area that's still gentrifying, but has already seen significant progress). 

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

I buy to rehab and turn into rentals so Pinson, Pelham, Bessemer are a great fit for the areas and returns I'm looking for.

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

And what type are looking to buy, SF, 2-4 MF, or 5+ MF? 

Quote from @Brandon Vukelich:If you buy a vacation rental in Hawaii, then you're tied to that location.