Two - In my due diligence, it looks like the only real option to make this unit legal is a special permit and variance, therefore, causing me to update the whole building with sprinklers, fire alarm, and meeting stretch code (certainly not enough meat on the bone for this route).  

The seller wants 20% down on a seller-financed deal. 

Russel I would not say D that is a far stretch I will give it a c+ and this is a great time to get in on the ground level.

We have good cash on hand to start and very good equity in our primary home for any rehab costs.  

I'm planning on trying to complete 100 hours of material participation... 

Based on my analysis, a good amount of the multi-family properties for sale within Blue Island would seem to cash-flow, but the sticker price on some of these properties seems too good to be true.

A lot of this depends on what type of development you want to get into.

I have been pondering for years on how & where to start and have decided to connect on a larger scale to gain knowledge & guidance to get started.

Hey Biggerpockets fam, first time homebuyer here I would like some opinions on if buying a house at almost your max buying power is to risky. 

The thought came to me because people pay a premium for new construction but then each year systems get older, so you are really banking on the value of the land.Thanks!