I like the other recommendations, give them a seller financing offer that is their asking and a good interest rate with terms that make sense for you, and offer what the bank will let you offer.

I personally leverage, but have a large rainy day fund. 

I agree that the upside here is knowing most of the mechanicals need to be redone upfront, so there should be fewer ‘surprises’ along the way.Setting aside a solid contingency fund is a must—do you have a rule of thumb for that?

Underestimate the costs and come up short needing the funds?

I took a heloc with the intention of investing currently at 1 million and the rates at 9 percent .

Hi Brian, I have Obie in my properties now, although I've never filed a claim with them so far, they are the better rates I can find, ask for their tenant liability coverage, I paid an extra 107 dollars a year and they cover up to 100k if a tenant severely damage your property. 

They offer free pre-qualification on their website where you can enter your data points to see available terms and rates.

Chicago is losing housing stock at an alarming rate. 

This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

.), and continue to educate myself on NOI, Cap rate, cash-on -cash return etc.BP community, I am open-minded, willing to take initiative, always willing to be taught something new, but also ready to share any experience or knowledge I have that can help someone else.