This is specific to Chicago and is EXTREMELY tenant friendly.

I haven't done this personally, but a common strategy a lot of people use when first starting out is to take out a FHA loan to purchase a multi-family property.

Hi John, I'm currently residing in California flipping houses full time, but am extremely interested in expanding into the Tampa area.

End goal is to create enough passive income through rentals to live comfortably on.Went Pro even before my first post because I think this is an extremely valuable resource, and $5/month is the LEAST I could do to repay and support what the boys have built here.

After some time if the borrower doesn't fix the problem, the lender will take the property to auction, commonly called a sheriff's sale.

I was extremely lucky to have a 1 on 1 mentor I worked for, he had awesome massive marketing, an office, a brand, a reputation.We looked for motivated sellers, with and without equity, divorce, probate, condemned, classic "don't wanters' He taught me how to talk to sellers, buyers, realtors, etc.Currently there are 20 million homes that have little equity.

If others in the area commonly have them, this is a significant ding.

There are other common pitfalls when it comes to hourly workers, where last years income was high however the average amount of hours worked over the last two years does not equal the amount of money they made last year.

So I will assume $80K is doable.If you can live on $25K gross income, that means you are extremely frugal/resourceful.. and that your costs at at most $25k (unless you are living beyond your means).So Now you are $80K income, say taxed at 30 = $54K net - $25K = $25K of annual savings.

Having been born in Russia, I have perspective that is not common on BiggerPockets.