If you are full-time and this is all your assets over levered might mean something different than someone who has a nice sized investment portfolio because your family and your financial life relies on these investments and presumably the cash flow. 

There are a lot of costs to cover before realizing net profit, which is often in the single digits for contractors (which, I presume, is the 3-5% figure that @Manolo D. refers to as I know of no business which can operate on a 3-5% markup).Your post is unclear in defining that the project "should cost about $100K"... when you say "cost", are you referring to the hard costs of the job (less overhead and profit) or what you think the net cost of the project should be to you?  

The report essentially concludes there's nothing to see here move along but the charts (starting on page 34) lay it all out. http://bit.ly/1kcqOUN The second and third charts are from a Barclay's report out in 2012 that was reported on by Sober Look showing that while college graduates have an income advantage and could presumably buy a house more easily than non-graduates, the number of those who do is crashing.

I presume that means you would ALREADY owe the bank $95,000 (ie. the difference between your Lenders' contribution of the "all in" cost of $110,000 {= $95,000} and 75% of the new appraisal of $190,000 {= $142,500})?

.#1 single sides (presumably on there own land and NOT in a park) are worth no more than $10k.  

Presuming that is the case I wouldn't work with you if you didn't value my experience. 

@Mike Moe I haven't seen the podcast but I presume the operating LLC is doing the leasing and is paid a management fee. 

I presume you have the $13k no problem?

Ceteris paribus, I would buy the most beat up multi-family in the nicest possible area, presuming it doesn't need major structural work.I would drive around parts of Chicago looking for areas you would invest in (and can afford) and find a few multi-family buildings that don't look like they are getting the attention they deserve, contact owners directly.

(Again, that's irrespective of myriad other considerations, which in @Bryan Wilson's family situation, presumably include many factors like income, lifestyle, location, personal choice, etc)