There are many choices out there so take some time and check out other systems to see what works for you.

Borrow the money interest free and compound on.

Some lenders allow exceptions for transfers to LLCs owned by the borrower, but it’s worth confirming first.Explore transfer tax exemptions: Chicago doesn’t make this easy, but there may be exemptions or reductions for certain types of ownership transfers.

Verify employment and call previous landlords to avoid tenants with red flags.Rent Setting: Research comparable rentals in your neighborhood to ensure your rent is competitive.Use Technology: RentRedi is a great choice.

As far as timeframe, anywhere from 21-45 days depending on how quick a borrower gets their docs to underwriting, how long the appraisal takes, etc.

Hiring a good property manager may cost more upfront, but it’s often the better long-term choice, especially if you want to avoid burnout or costly mistakes.Happy to dive deeper into any of these points if it helps!

Also, which choice is better for you highly depends on what your real estate goals are and the experience level & skillset of the specific agent.Traditional agent and Redfin Agent could essentially be the same thing in many cases.

Also, conventional lending will NOT allow you to get gift funds OR borrow unsecured funds to help fund a down payment on an investment property.

I believe we are making the right choice by doing legal/fully permitted ADU's.

A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.