Chicago has amazing inventory of 2-4 unit buildings, so you will likely find that you will be targeting those versus single family homes if you are in the city proper.

They were amazing to work with.

that is 80% of the equity. you can only borrow against what you own, otherwise the bank is double lending you money for the same asset. but thats still $140k in cash. which would be an amazing amount for a self financed brrrr, or downpayments on brrrr loans for multiple brrrrs, or you could purchase 3 $200k MFH with 20% down and have 6 doors right off the bat. lots of choices.

It is amazing to have local people to rely on as well.

Amazing work on this one so far! 

Those numbers are amazing $1k extra cashflow.

I agree I work around here though but it's amazing how much different it gets as soon as you head west a little bit thanks! 

Such amazing and useful comments from everyone.

If you don't mind, I'll skip over the "lovey dovie" details of how absolutely amazing my girlfriend and is and how we have a strong committed relationship that revolves around our communication, and I'll ask how you would recommend we go into this property together?  

FHA is amazing when comparing 2-4 unit primary homes vs conventional.