Ok, here are some places I have been considering for about 1 year:1) A multi-unit in Logan Square, Chicago, IL.

But Little Italy and University Village seem great (plus we live nearby and daughter goes to school nearby so could be better) as well.Would I be better get a Mgmt company starting off while I get my feet wet again?

The beams inside the house were less than 6 feet off the floor and the doorways were really tiny.

There are VERY few affordable homes, all the large builders in the area have been building homes in the $140k-$180k range, while many of the new jobs comming into the area pay a rate that doesn't work well with these ranges.Anyway, we got to talking, and it seems he enjoys building smaller, more affordable homes, rather than the 3k-4k square feet homes he's been doing.So , the best thing to do would be find lots in an area and build....But there aren't any, in fact in my town there are VERY few lots to build on, and most are splits from already existing, double lots.So, after talking to him ,it seems the best way to do things would be find an area that's developable and do it.So, i'm curious to know what pitfalls thoes of you who have done this (Succuessfully) and try to learn.

Question:VERY VERY rough guess how much it would be to strip the house and rehab a 4 bed with this square footage and details?

They are houses that are too good to be rentals, so they will be the ones to get the tenants.Already, tenants making $1200 a month think they deserve a 2500 square foot house with granite countertops and a 3 car garage.I've got some nice houses and the best tenants are passing mine by, because they can rent a McMansion for $200 a month more.I've had 1 tenant move out because he could get a better house for not much more money.It's looking like I am going to have to reduce rents back to last years prices.

I really haven't done any deals as of yet but I'm wanting to get my feet wet this year.

It sounds like you've got your feet wet and your plan for continued success . . . that's a pretty good position to be in.

I see this happen all the time around here.They bring in some stone and dirt and build the land up a few more feet to get the building above the flood plane.If the property is in a good location like you say you should get contacted if it's on the market at the right price.

Some of my credentials (very briefly):Electrical Engineer from Lehigh UniversityLicensed Journeyman ElectricanPresident / CEO of CM Squared, Inc.