There are portfolio loans that will make an exception to that and lend you money if you are a strong enough buyer.  

"With a few exceptions, the first of which being "Dwelling units in owner-occupied buildings containing six units or less; provided, however, that the provisions of Section 5-12-160 shall apply to every rented dwelling unit in such buildings within the city of Chicago".If not in the Chicago RTLO, how are these properties governed?

The folks that are buying while lacking in those areas succeed in spite of those shortcomings and are the exception."

As far as the rehab goes I did a majority of the work except for hiring contractors to put in the new well and septic system.I still may consider selling so if you are interested I would be happy to show you the home.

I have had a few tenants pay late, and I always charge the late fee (except in 1 instance where they were robbed and had to replace check book). 

When there are two or more borrowers, but one or more will not occupy the property as his/her principal residence, the maximum mortgage is limited to 75% loan-to-value (LTV).Borrowers should take note of some exceptions to that 75% limit which are based on family-type relationships.Borrowers are eligible for maximum FHA loan financing for non-occupying borrower situations for FHA loan applicants who are related by blood, marriage, or law.

Best thing I have ever done in my life (except for marrying my wife and having 3 beautiful children:) I am now running a successful real estate brokerage expanding across the state.  

Contact your plan administrator to confirm.If this is an old plan from a former employer then there are many firms who can help, including some on BP.If you are self employed and are the only employee in that entity (except your spouse with some limitations), look into a solo 401k vs a self directed IRA.Good luck.

However, except for maybe a few properties, the rent to house price ratio indeed makes no sense so I'll look around to other nearby areas.Another question I have is, up to what $ amount can you deduct interest and property taxes on rental properties?

I've never really been at a job for more than a year except for the one I'm at now just because I have grown a bit here but I really want to branch out and try to do something different that will take me somewhere, plus I have a family that will be counting on me soon.