It’s been pretty competitive here (partly bc we’ve gotten some BP nods over the last year) but I’ve definitely noticed a drop in offers and competition.

Low down payment (3.5%) is attractive, but comes with mortgage insurance and might not offer the best rates.

Can you dig into a little more on the novation, why did the seller pick that strategy say over a cash offer?

-> Besides doing your market research, i strongly advise that before any purchase or offer, that you hire professionals to help you in the process.

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

Insurance is expensive, there is a lot of extra maintenance like painting or electric in common areas that don't apply as much with smaller units. 

Offering a refundable fee would have to come out of your pocket.

Here is a list of lenders offering such financing: https://www.biggerpockets.com/member-blogs/2810/50272-list-o...

Each closing, whether multi-family or single family, is going to have some of the same costs: title insurance, attorney fees, inspection fees, appraisal fees, fees associated with financing, etc.

Insurance and LiabilityWhat type of insurance is required for a renovation project in Chicago?