When you invest, it is a good idea to have a 5-10 year hold horizon that you are planning for, not just looking at the immediate situation in an area. 

Also are you planning to hold the lot?

I was planning on doing a BRRR.

Also, set clear expectations with tenants upfront so they know how to handle issues like maintenance requests.How do you plan on finding all your contractors?

Any insights, tips, or recent experiences would be greatly appreciated as I plan my next move!

You're off to a great start by educating yourself and planning to attend meetups—that’s where the magic happens!

I'm currently planning to purchase a commercial multifamily building in Chicago with the proceeds of a 1031 exchange.

Most of the time I do the BRRRR strategy and I have scaled to 9 doors now, one of which I'm planning to flip.

They could give you a more precise estimate and help navigate zoning regulations and permitting.Let me know if I can help or if you want to discuss your plans further.Best of luck with the project!

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.