Also unrelated: is there any way to account for high vs. low turnover rates in the calculator?

FHA said that I cannot have both multi family on low interest rate and they said I was trying to use 3-family as an investment property even though I would be living there. 

I would also read as much as possible, starting with Brandon Turner's book (The Book on Investing in Real Estate with No and Low Money Down). 

Hi, I am a new investor and I am interested in a property in a low income neighborhood that has 8 standard windows with a few of them broken out.

However, this is an AMAZING opportunity to literally save nearly $100,000 in interest due to the low 3.0% interest rate!

They'll often ask about a shortsale listed at super low prices (often below land value) and then I have to be careful about telling them if it's really available or not.

Generally what is best in real estate is to be able to buy low and sell high, put out x dollars and take in 2x dollars, and there are one million ways to accomplish that.

Taxes are low, communities/schools are good, multiple types of transportation to the City, and many people who work in Chicago live here.Best neighborhoods for your price range: Highland, Munster, Griffith, Schererville, Crown Point (a bit further from transportation), Dyer, St.

Most aren't interested in low end, non-owner occupied condos, owned by an LLC.With a pref of 8% most of the cash flow will probably go to your partner and there won't be that much left for you.

While that's a low probability chance of happening, it's still possible.