Even if you are, at that loan size, the lender likely will require a personal guarantee.  

If I can do 1 flip per year while employed full time, I should be able to do 4-6 per year if real estate has my full attention. 

The investor purchased the asset with the intention of renovating the units and adding value by increasing rents.South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents.

First, they don't get much more in rent than a similar size unit without the bling and second they are crestfallen when the first tenants treat the unit like, well, an average renter will (hello wear and tear)...

The price depends in the size and the the number of floors the stairs will serve.

What size house are you looking for and in what price range.

Essentially, this is a tear down...A custom builder has recently scraped 5 lots of similar size directly across the street that are offered for $100-120k with a minimum build price of $300k+.

@Eric Tsang The interest rate is based on many factors (property type and location, loan size, LTV, FICO, DTI, # of other properties, etc.).

I love to sell stuff on the side   While employed.

A strategy I have even seen employed is someone taking a 5 unit property, combining 2 of the units to bring it down to a 4 unit in order to unlock value on the sell side, since it is more valuable as a 4 unit than a 5 unit.One other consideration is the time value of investing in real estate.