William Nickerson's, "How I Turned $1,000 into Five Million in Real Estate in My Spare Time" has been recommended to me several times.

Joshua,I have a similar project but the rents are way higher. 30 units, Acquisition: $450,000 + Renovation: $1.2 Million or $40K/unit, rents: $1250/moI think your budget of a little bit over $30K/unit is realistic to a little bit high given you're going to get rents of $800/month.

Prices range from $800k-$1 million for areas like Wicker Park, Bucktown, Lincoln Park, Roscoe Village.You will pay less than rent if you do at least 10% down, it is harder with FHA because of loan limits and the self sufficiency test. 

If you are concerned with liability make sure your local company is fully insured with a GL commercial policy with at least 1 million in total coverage. 

Bottom line is the whole health plan centers around healthy people paying a premium so the rising claims by baby boomers about 20 million retiring in the next 10 years and the poor will get coverage.

There are several multi million dollar redevelopment projects (not affordable housing ones either) in the pipline that will change the city for the better also.at anyone on this thread, shoot me a message on BP if you want more info on what we have learned on investing here.Matt Faircloth

My clients tend to have anywhere from a few hundred k to put down into the millions.Transaction prices are generally in the millions and up although I do work on smaller deals from time to time.Generally people will contact me and I will be very honest with them and tell them if it's something I can help them with or not.Example someone asking to buy a vacant 20 unit apartment building that is thrashed to rehab and is being bought as a short sale etc.

No one has 3 million dollars to buy a mansion?

This unit will fetch a rent of $1100 monthly. 2.

I have seen the wood porcelain in homes ranging from median price level to multi million dollar homes.