Sorry, look elsewhere.Although we always eventually get rent and late fees, the people that have late payments are the ones with the lower credit scores that we accepted anyway.

I want to get a Quadraplex because I want to eventually hold a portfolio of multifamily apartments buildings and I thought that a Quad would be a good start.

If the numbers look potentially good then you'll have to decide whether to take a look @ the property & determine how much $ are required to renovateAfter you run analysis on enough properties & become familiar w/ the different parts of Chicago you'll eventually know when to pull the trigger on a "cheap" property.

My plan is to eventually get my real estate license, but right now my boyfriend’s Aunt is a real estate agent and his mom works for her part time, so we plan to use that connection.

But you are far more better off leveraging that money and making more that will eventually pay off the rate difference.

Eventually I want them to work for other people as they figure out what they want to do in life.  

Sure thing though anybody who moves in there is going to eventually get to know their neighbors and the story of "did you hear what happened in your house" will circulate.  

If you do figure out an arbitrage strategy, you will make some temporary profits but eventually the computers will detect your wins and start front-running your trades.It helps to have an advanced degree in Math/Physics/Statistics, access to sophisticated simulation software to back-test your trading strategies, and the intestinal fortitude of a Navy Seal :)

I would google FHA lenders in your area, and if property investing is something you think you may be doing a lot of, it might be a good idea to  find a local lender that also does portfolio loans so you can eventually have all your loans from the same bank.

After we pay off debt and purchase other rentals we will eventually include this new house into our rental portfolio.