They are a little more strict about how you go about buying and selling creatively with terms but it is not impossible, just a few extra steps to stay legal.

I just read into buying multi units via FHA the other day and did read about the max number of units I just figured there were ways around it even if it meant putting down say 7% vs. 3.5 but if that were the case I guess it would still make more financial sense to stay with the 3.5 on a 4 unit.

Currently 45 and looking to retire comfortably.

Are you planning on staying in the area after graduation? 

No matter which option you choose, water and sewer bills require constant "babysitting" to make sure everything stays current.  

I'm in Illinois so do I have to stay with this company for 2 years before i can create my LLC and start working for myself?

If you opt to stage the apartment hang a few black and white prints and add a pop of color.I guess just choose something that looks good with the flooring and the lighting in the room and stay away from crazy colors.

That way he wont feel obligated to stay there permanently.

Here are some other things that could go wrong which may cause failures:Unknown necessary repairs (i.e. sewer lines, roof, etc)Not having cash reserves to cover vacancies / major repairsUptick of crime / vandalism in neighborhoodVandalism of propertyInfestations (pests, other)Bad tenants / No tenants / tenant family issue impacting stay (i.e. death, divorce)Rezoning of school districts / Loss of accreditation of school district Insufficient Property Management (not addressing tenants concerns, no notification of repairs timely - causing further damage, etc)Not following market pricing on rental / raising rent to frequently or too much at onceLegal issues (i.e. tenants sue for injuries on property, taxation, etc) I think you get the idea.

I totally agree that RE is a local market, but ours is limited and expensiveI will probably start with our country to gain experience, but in our case I don't think it is a good idea to stay in local market@Tom Ott - I didn't encounter turnkey, and I'll start reading about it