I'm on house number 4 that I've lived in and renovated, so I agree that's a good strategy (I've done it just through life, not actually a purposeful strategy). 

Always be cautious of what you charge on things like paint, flooring etc.. most judges will use life expectancy and divide out a pro rated amount you could charge the tenant for excessive damage and not normal wear and tear 

It really does depend on timing of being put in service, that bonus it qualifies for (if any) and the life cycle of the elements that can be advanced. 

If they're delinquent after only 2 months, they're either facing sudden life changes or you did not properly screen them to begin with.

If you buy real estate, you will spend hours and days and weeks and months of your life dealing with it… Home repairs, guests,… An investment really has to be pretty amazing to sacrifice all that time for itThe houses I own I bought many years ago at dirt cheap prices and dirt cheap mortgage rates.

Passengers in their own life. 

However, her life changed and she only stayed for the first year.

Hey Zachary, I've lived in Alabama my whole life and my whole family has been in real estate.

Hey @Mordechai Chaimovitz - It sounds like you are talking about Chicago's NW side because there are definitely tons of areas in Chicago where a 2 flat can cashflow well.I know for me buying on the nw side was critical to my personal well-being and life happiness. 

With current interest rates, and they are at least 1% higher with potentially additional points for non owner occupied property, it is hard to find properties that will allow for positive cash flow after paying the mortgage, if you are looking for money for the down payment from a private lender, those are normally at higher than market and I am not sure it would be possible to pay it off.... please remember you need to take into account that you may not have a tenant for a certain amount of time, a tenant may stop paying rent, or you will have a big ticket item to fix, so I would wait if I were you and save to have enough for the down payment and closing costs and perhaps some money set aside for repairs. you also want to make sure that you have your own emergency fund outside of the money needed for the investment property because life happens ....