In this case, you can use Rental Income from the units that you will not be living in and that income can count to help you qualify.FHA rates are going to be lower than conventional for you almost always, but FHA does have a 1.75% funding fee. 

I’ve been working with several lenders for DSCR loans, but I’ve found that the fees are quite high, with minimal benefit in terms of lowering my current interest rate.

Class A properties will generally have high valuations and lower market Cap Rates.Class B Property:A step down from Class A, Class B properties are in the 10 to 20 year-old range, and are mostly well maintained.

Unless new companies create replacement jobs in the city requiring similar skills and pay comparable wages, your tenants may be forced to take lower-paying service sector jobs.

Others wont touch anything lower than $500 in cash flow.

HELOC: A cash-out refinance could be more beneficial if you're looking for a lump sum to purchase the new property outright, particularly because interest rates may be lower than a HELOC.

It is a tax write off.

The next gentrifying neighborhoods in Chicago are: Lower West Side; Humboldt Park, Gage Park, Ashburn, South deering, Hegewisch, Garfield Ridge & West Elsdon.  

I suspect maximizing the investment might make it slightly less desirable as an owner or at least the renovations might have lower ROI if sold to a homeowner.

The negatives are that rents are might be lower than market rates and definitely than Airbnb rentals.