Also, its good to hear that the termite inspector doesn't sound too concerned, that is always a positive!

Since it’s your primary residence, you also get access to one of the greatest wealth-building tools ever created: a 30 year, fixed low interest, low downpayment mortgage.

@Miguel VazquezPrivate money will be extremely challenging unless its friend or family because of laws surrounding lending on a primary residenceNo hard money or other lender will touch this

Fortunately I am in a position where we do not need to optimize the revenue on this unit.  

Our properties so far have been acquired using the "nomad strategy" (purchasing a primary home, living in it for over a year, then moving and renting it out).

My biggest suggestion is when you find your right location, don't be afraid to pull the trigger.It sounds like you have some capital for a down payment so that is positive.

The simplest way in my mind would be to purchase the new place as a primary residence, get a low downpayment or rehab loan, and then rent it. 

@Caroline KnightI don't know the Chicago market but I'm highly supportive of house hacking.One thing to remember that positive cash flow isn't actually the goal of a house hack. 

Hi Shai, Do you currently own any properties investment or primary?

Hi,My family and I are relocating to Virginia and are contemplating renting our primary residence in Brownsburg, Indiana.