@Jonathan Klemm, to answer your question my next steps from now until December 2022 is to bulk up my savings (my goal is to have 50-60k liquid to begin my search), research neighborhoods actively (I have a tentative list but sine I am originally from NY I'm still learning, research which folks  I want in my team (investor friendly loan officers, real estate agents, etc.), keep working at deal analysis so by the time I'm ready to buy I can run my numbers, and finally explore other options to investing in Chicago.

One thing to note, for tax purposes on a long term rental (you mentioned multi-family buildings), the LLC is discarded for federal taxes and all income and expenses just go on Sch E on your tax return.  

@Rebecca E.

House hacking is a great way to get started and then transitioning into the BRRRR strategy (my favorite strategy ever). 

Hello all,Have an offer on a property, since I am using the property itself for the loan I am wondering if the lenders I am prequalified with only offer loans with rates/terms I am unwilling to accept, would this trigger the liquidated damages clause? 

Investment Info:

Single-family residence buy & hold investment in Phoenix.

Purchase price: $194,764

Cash invested: $39,436

Bought another primary residence and turned this current one into a rent...

.**3**the "plan" was to wait until spring 2022 to purchase the next adventure(seems as all my tenants are on M2M  i cannot use the rental income until it hits my Sch E, so had planned to wait until after taxes)but i never stop looking and found a duplex in the next town over (Racine, WI)Another over/under Duplex ~ 1,000 sq/ft per floorLaundry/storage in basement, small garage as listed tenants were paying $675/$69525% down as it  is an investment on $150KPITI+water is ~$900/mo  gross rent is now $1695/mo and still has  room to grow.

I'm looking to buy houses with a big enough profit margin to make it worth while, currently i have about 95k liquid and 45-50k in assets and would love to know anyone's thoughts if they were in my area and in my shoes.   1.What areas to stay away from and why in LI,NYC,NJ. 2.What a basic flip costs using meaning lets say a full rehab or at least getting a close enough ball park figure to make a close to correct offer. 3.What an appropriate price per sq foot would be in the middle class areas of NJ,NY,Li. 4.

MN has a fairly slick deal where you can fill out a spreadsheet and it generates and e-signs.

@Aaron Palao You'll generally need a net worth that's equivalent to or greater than the loan amount, liquidity that's equivalent to  or greater than 10-20% of the loan amount, and experience on similar sized deals.