Small-Scale Testing:If you're uncertain about diving into a larger project, you might want to test them with a smaller loan to see how they handle the process.

Your first year will be a learning experience, you will want to be close to the action, as you may not have the capital to pay someone to handle everything.

Just have to stomach the higher rates for 2-3 years, break even (ideally cash-flow a tiny bit), and handle the PM during the roller coaster ride our President is putting everyone on.

@Parker BullardFrom my experience, house hacking is a great way to reduce housing costs by renting out part of a property, like a duplex or triplex.

I like this idea because it reduces the potential vacancy I could have by doing a short 3- to 4-month lease that ends in April or May, then starting over with a year lease.

Here's the City link for you to reference. https://www.chicago.gov/city/en/depts/doh/provdrs/homeowners...1) ADU regulations specifically exclude Short-Term Rentals so don't do it if the intention is to short-term rental. 2) The ceiling height oh 6'10" is almost guaranteed to trigger digging a basement if you want to formalize as an ADU unit, especially if that height is further reduced by pipes or HVAC. 3)Ingress/egress is an issue for renting, as is that any bedroom also will need two (ie operable window/doorway).

We are definitely likely going to see a drop in interest rates, which means you could always refinance in the future too to further reduce your monthly payments. 

By buying mortgages, Fannie and Freddie reduce risk for lenders.

Identifying neighborhoods with good schools, infrastructure, and amenities can lead to finding a hidden gem.Myth 4: It Is Only Seasoned Investors Who Can Handle Distressed PropertiesExperience is helpful in real estate, but you do not need to be a seasoned investor to do well in distressed properties.

The key is to work with a reputable QI who is experienced in handling 1031 exchanges.