Many of the foreclosed properties in this area are being rented / lease-optioned / resold to young professionals and families.Not much multi-family here, though, to the OP's point.If you're talking about Joliet from the river / downtown on east, then yes - you're looking at different strategies in those areas.That said, one of the couples in my investing group based in Downers Grove has hooked up with a VA program for providing housing for homeless veterans near where they get treatment for physical and other disabilities or near public transit they can use to get around.

There are some local homeless veterans programs around that help housing and provide resources to people with legal or social issues.

They can be a good cash flow business if you are willing to provide super-active management.The up sides:- Weekly cash payments- A lot of the time payments and tenants are provided by third parties such as halfway houses and homeless charities.

You have neighborhood associations, affordable housing groups, public officials, developers and land owners grappling over who has the right solution for the housing crisis and growing homeless population. 

'I'm homeless, the government must house me.'

She told me "you are the reason people go homeless"I started to explain to her how business and really life in general worked, but then I realized it would do no good, and just said "ok" and she hung up.

Almost everyone will pay their rent over any consumer debts as being homeless is much scarier than a bad credit card debt or a repo'd automobile If they provide a good prior LL report, move them in.

We go to her neighborhood and see downtrodden neighborhoods nearby, lots more homeless, congestion and she visits us and calls it going to the farm. lol

In all our older (read: rubble foundation) buildings, we provide tenants with a {virtual} handout in the autumn indicating things they can do to make their home less appealing to mice.  

My end goal is to have over 50,000+ units, multiple developments, apartment buildings and an endless stream of income so I can start on my real goal of ending homelessness in America and ensuring every child has access to the health care and treatment they deserve.  2500 a month would pay all of my current bills with enough left over for gas, groceries, and a little for savings.