Insurance and LiabilityWhat type of insurance is required for a renovation project in Chicago?

Making money in real estate requires experience and starting with no or little money makes you study harder.As much as most of us probably wished for it, getting started with a lot of money in your pocket is a recipe for disaster: the temptation is to make the deal work by throwing money at it.If you want to go into real estate go with a syndicator with a good track record.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

This apartment required a cosmetic renovation that is going to run me around $27,000 to redo.

While downpayment requirements are higher, still a great option. 

This would require a refinance into a loan with a 5-10 year maturity. 

I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.

This requires more frequent payments of smaller sums.

Because of my savings and lack of expenses, I'm in a very comfortable position to make my first move, but because my income is mid, I'm unable to meet the Debt-to-Income requirements to qualify.

Just make sure you set up a LLC to rack up the required experience.