Better to have your own cash ready or a partner who can bring in cash.

You would need to bring everything up to code currently and that's going to be cost prohibitive.

Is this something that is the best way to bring me closer to my goal?  

For example, a $550,000 two-flat in Albany Park might bring in $2,500/month from the rented unit while you live in the other—covering most of your mortgage.3.

Key is creating memories that last a lifetime.Excited to learn and connect with you all!

It sounds like a prudent choice to bring in a property manager.

These are questions I would ask and as you noted, if it seems to good to be true.....I have not dove into this in detail, this is just what the "sniff test" questions I would ask - could be a great investment for people - I am just telling you what I would ask. question would be who is the lender with a proven track record as you note Chris that would be important to know is the fixed debt investments ( loans secured by RE) bringing in say 8 to 9% and the equity in the MF is making up the difference with rental returns.. so say rental returns are 6% and the Notes are at 7% that equals teh 13%  ??? 

Richard how I'm curious how you would do better as I have a hard time beating their rental rates since it seems renting out to 5 small parties brings in more cash than 1 party.

When Google brings up the search results, usually the first result will be from Zillow or Trulia.

Once you have property it makes it so much easier to bring in investors and partners.