Both have cost of processing the transaction paperwork so that's a wash. 

We have regular evictions at this scale and they typically will take a few months up to six or seven months if the tenant contest/hires an attorney.

We regularly take over properties from managers who haven’t performed well, and it’s a seamless process when done right.

You should treat it as a luxury package rather than regular STR. 

In Chicago it regularly dips below 32.

Quote from @Alecia Loveless: I had a tenant that used a portable washing machine.

But a lot of bank employees, real estate agents and regular people don't know it or they just don't believe it.

I'm in Ohio and we see those lower loan amounts pretty regularly. 

For regular tenants and/or section 8 tenants.

On paper the cheap houses look great, but the reality is they are harder to manage, have higher turn over and cost a lot more time and money.Buying before you retire is a good idea because once you retire, your ability to borrow money is going to decrease as you don't have a regular income from a job.As you want to fix houses up, why not buy a house that needs a bit of work, live in it while doing the renos and then move when you sell it.