It is built very nicely and currently being rented for a pretty good price.

I see dozens of AirBnB rent roles for active listings monthly and on average, a well run STR rental generates roughly 10%+ of the properties valuation in gross annual income.

Let’s say that your 50 units rent for $1500 for each unit on average.

I think it works for a great buy and hold rental situation, but it is probably a class C neighborhood and you will need to put a lot of money to rehab a 1950's property to get it rent ready.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Would it be possible for me and him to buy a new primary residence for him to live in, while we rent the house he is currently in.

I have recently moved to the Arlington Heights area and am currently renting.

Cousin A, who continues to reside in one half and rent out the other, will report rental income and expenses for their portion on their tax return.

All units were vacant but I've already rented two and I live in one so I have only one more unit to rent I shopped around and I found a mortgage broker who was able to get me a 6.99% rate who took the loan to UWM (united wholesale mortgage).

Are you looking to buy this home for you to live in or to rent out?