Perhaps thinking of a  modular style home to get it up and running quickly.

You can still find some great cottage style homes or even 2-4 units close to the beach that have great STR returns.One good thing about being out of state in IL is you can find a good Single family home, Condo, or Townhome and call it a Vacation home and only need 10% down. 

You have to determine what your goals are and then attempt to achieve them.

Hello BP community:I am under contract on some land that I am considering building multifamily on.It appears I can build approximately 80 units on the land (based on permitted density), which could be more or less units depending on the exact style of units we would construct (one or two story, etc).

We reach agreement in principle with the seller on what we mutually want to achieve. 

Nothing else on your list matters if this purchase doesn't achieve your investment goals.Also, you have NO WAY to determine your offer price until you run the numbers!

cashflow in residential is typically achieved either through a more difficult method, or after 10+ years.

If you buy properties in a city where rent increases don't outpace inflation, you can't achieve financial freedom—no matter how many properties you acquire.For example, suppose you buy enough properties to generate $5,000/Mo, which replaces your current income.

Building a strong team, including a knowledgeable accountant, can make all the difference as you move forward.Best of luck on your journey—you're on the right track, and it’s clear you’re willing to put in the work to achieve your goals.

Depending on the neighborhood you may actually achieve higher appraisals if appraised as 5 separate units.