This is what I love about BP: the OG's sharing their knowledge with the Young Bucks, nothing much to gain from it except paying it forward and being able to share their story around the digital campfire. 

Any advice would be most welcome, i feel ready yet anxious to move up to the next level of real estate investing for long term rentals. looking forward to meeting everyone

Hey @Mario Cuartas glad you and your family are thinking creatively, that is definitely what it takes in this market to be successful.Unfortunately from my knowledge, this idea is much, much more difficult than you anticipate.

I have found & recently looked at a property that I feel has potential.

I have a client who is knowledgeable with housing laws and zoning.

Any other questions feel free to ask.

Your search right now sounds like it can be swayed based on data, but you need knowledge.

I don't think anyone with Chicago knowledge is going to be able to tell you something that will help you mitigate the risks on this.

Feel free to contact me. 

However, this is pretty much doing a BRRRR now which I've never done, don't have the time and is capital intensive (plus, I'm out of town) which doesn't seem too appealing.While I could just weather out the cashflow and bank on the appreciation over time, I feel my return on equity is poor, and that equity can be put elsewhere to be more productive.