One of the (many) mistakes I have made in my syndication investing career is to get too locked in to an operator, a deal or a strategy. 

Love the idea of helping out a first time buyer, may run into trouble if she's not the primary resident, check w/ lender but I don't think that'll fly w/o more of a down payment.

The concern with out of state investing is your money goes to down payment and property management.

Purchase price: $430,000 Cash invested: $46,618 Sale price: $589,000Fix and Flip in CB PP 430k Reno 46K Sold 589k ~ 3 Month TurnWhat made you interested in investing in this type of deal?

The city of Chicago has made a huge push to get rid of any lead service lines, so it's no surprise you have to mess with that.   

Rent one of the bedrooms for $1500 and your side would be $1,900 monthly.

One of the biggest pitfalls is the age of the buildings I'm looking at. 

How much of the $650k do you have to borrow them to complete the build?

While $300K may not yield high returns in your market AND presumably limit you to smaller deals with less doors/units, the same amount could align you with a group of investors purchasing dozens of units elsewhere.

I would love to hop on a call soon and discuss potential ways of collaborating or creating a win/win situation!