Quote from @Jules Aton: If you are doing high grade laminate that should be good.

.- High risk - Time-intensive - Requires substantial capitalBRRRR:Pros.- Builds long-term wealth - Generates rental income - Increases equityCons.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

Fees seem high but could potentially be worth it.

A debt service loan would be a good option if your DTI is high, you want to close in an LLC, you're self-employed or have low income on paper, or you don't have a stable 2-year work history.

Focus and consistency are going to be your best friends.Also, I wouldn't tackle buy-and-holds right now unless you currently have a high cash flow revenue stream in place.

I know a lot of Chicago investors are here too; but if you were in my spot would you recommend Chicago as prices are too high and I have never been to the city moving next year.

I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

Having the contractor relationship in place to move quickly and provide a high quality renovation at a reasonable price.

I am not familiar with how HELOCs work but they declined me saying my DTI is too high.  

We stick to high quality neighborhoods and homes and are doing really well with it.