@Jerry Velezstrongly recommend against doing this.start with a house hack instead.make it your mission to house hack.did i mention house hacking? 

If you see at least a few zoned in the designations you mentioned above, that's potentially a good sign that you can get support from the local Alderman's office, and approval by the ZBA (zoning board of appeals), to rezone.

Look for motivated sellers off market and market via cold calling and or direct mail, geofencing, advertising and the like.A good wholesaler is as @Ericka Parrott mentioned, direct to seller, did good underwriting and can deliver an actual "Deal" whether buy and hold or flip. 

I am currently still adding value to the deal by renovating the home as I mentioned in the description.

Yes it exists, but as the above poster mentioned, lots of hoops to jump through.

I know @Lauren Cutchen is still affiliated with one if not the same from above that she mentioned!

As previously mentioned I have no interest in D32 and im here to help all investors.

The reason I mentioned it is to make sure he has a 401k and not an IRA..

Quote from @Matthew Irish-Jones: Quote from @Mark Cruse: Yes, there will be more expenses above what's mentioned here but if this is done properly it can be kept to a minimum.

Land is also scarce, so a SFH in such a dense and popular spot will be rare and expensive.Also as David mentioned, land retains its value but structures are generally thought to depreciate to zero over 25 years.