(I will insist on a contract, but I don't want him to think I don't trust him.)

leases.The only work I think it immediately needs is fixing the back steps and a few roof repairs.

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

This is not to discourage the determined investor, but I only think it's fair that people realize the competition in our market for this asset type.

@Curt DaltonBefore you think about moving your business to a big town or a small one, look at what chances you have in your area first.

Hey @Henry Lazerow - I would tend to agree that most of the NW side of Chicago 2-4 units don't play out perfectly well for BRRRR deals.I always looked at any potential house hack vs. having to rent - if my overall payments were less than the rent I generally considered that a win.For me...the house hack is just the ticket into the amusement park and then the fun rides come after...getting started can be overwhelming and hard so I can see why people might take a discount.I think one of the keys to strong equity creation is square footage creation which is basically what you outlined with duplexing up or down.

@Michael Dumler so what do you think of house hacking or turning a single family into a multi- unit in the Bankhead area in terms of cash flow?  

Remove emotions from your investing decisions and think very rationally.

I'm thinking about buying a laundry mat, but have no idea where to start. 

First, all first flips take 2-3x as long as you think and cost 2-3x as much as you think.