Also unrelated: is there any way to account for high vs. low turnover rates in the calculator?

FHA said that I cannot have both multi family on low interest rate and they said I was trying to use 3-family as an investment property even though I would be living there. 

I would also read as much as possible, starting with Brandon Turner's book (The Book on Investing in Real Estate with No and Low Money Down). 

Hi, I am a new investor and I am interested in a property in a low income neighborhood that has 8 standard windows with a few of them broken out.

However, this is an AMAZING opportunity to literally save nearly $100,000 in interest due to the low 3.0% interest rate!

Or look at the crime heat maps on Trulia. 

Generally what is best in real estate is to be able to buy low and sell high, put out x dollars and take in 2x dollars, and there are one million ways to accomplish that.

Taxes are low, communities/schools are good, multiple types of transportation to the City, and many people who work in Chicago live here.Best neighborhoods for your price range: Highland, Munster, Griffith, Schererville, Crown Point (a bit further from transportation), Dyer, St.

Most aren't interested in low end, non-owner occupied condos, owned by an LLC.With a pref of 8% most of the cash flow will probably go to your partner and there won't be that much left for you.

While that's a low probability chance of happening, it's still possible.