Also one allowing you to review the documents (rent roll, P and L, Tax returns, insurance claims history, 3rd party agreements, leases) which allows you to terminate the contract if you are not satisfied.

But 2-4 units is Chicago is extremely complex with 100+ year old buildings, Chicago zoning, department of buildings with violations and inspections, plus the RLTO. 

Typically speaking a 2 bedroom will bring in more if all other metrics are the same (i.e. location and amenities).In saturated and competitive markets I really do not like 1 bedroom or even 2 bedrooms as the barrier to entry is low and you will always have a lot of competition, and you are even competing with hotels at that point.Also building HOA's are scary, and Florida implemented the milestone inspection which means special assessments in most cases.Without diving deeper on all the numbers I cannot it will not make sense, but in my experience it will not make sense more times than not and it is risky.

Of course, what they won't and should try is things which decrease the cost to build new buildings...

@Samuel Coronado My experience with building lot purchases is they’re usually only worth what you pay for them once.

I could continue to build on credit but am uncomfortable with tying up such a high percent of my capital in a single investment.

DSCR lenders will be able to go up to 80% LTV and require no seasoning as long as there has been documented improvements and the property can debt service at the higher loan amount. 

It is a great way to build your real estate portfolio…or at least start.

Building science is something that changes often and there are always many new things to learn and stay up to date on. 

If you can do two properties, that would be quite the consistent income stream PLUS building equity.