@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.

I started off with 3 houses on a lot and another house two lots down.

The challenge with S8 in this scenario is you always have a piano over your head and all a tenant has to do is call the code office to create an issue for you. 

You want to buy real estate with no savings, which even if you can scrape together a 10-20% down payment, means you will have no cushion to fall back on when the inevitable surprise expense happens. 

You can do 20% down, but often won't cashflow. 

Quote from @Mike Levene: contractors should give exact quotes, come in give you a full detailed list of how much it will be to cost for labor and materials broken down.

Hey Bugger Pockets Community,I just finished reading Brandon Turner's book on investing with little to no money down (amazing book btw) and I am interested in knowing what are people's experience with MLO's and seller financing.

I don’t know what’s going on of course, but I can offer the possibility that the seller tried to negotiate the bill down and the contractor realized he was being squeezed so he took action.  

Since you'll be owner-occupying, take advantage of low down payment loans like FHA (3.5%), Conventional (5%), VA (0%), or a 203k loan for renovations.

I would love to Dm you and get your number down send some deals in Chicago your way in here near future