I also had both units in the duplex occupied by tenants when I purchased it, but I was able to let their leases expire, complete the renovations, and move into one of the units after renovations were completed within the 6 month timeframe.  

Looking at purchase a first home but the issue is the homes we’d like to invest into in our area are far too expensive.

.$5mm PP = $250,000 acquisition fee, let's assume they are raising $2,000,000 in equity for purchase and upgrades, this means acq fee is really 12.5% of equity.Loan Guarantor Fee: $5mm purchase, let's assume $3.5mm loan.  

Looking at a portfolio purchase.  180k purchase price, 20k down, balloon after 5 years. 

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

Borrowers that purchased during the last 24 months, particularly with alternative mortgages such as DSCR loans at elevated rates could see worthwhile refinancing scenarios in the very near term just as any early payoff penalties are expiring. 

We purchased this house at $550k.

I would like to purchase short term rentals and be able to qualify as a real estate professional and deduct against by active income taxes.

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss.

It is paid off and we just purchased a new primary residence for ourselves.