Don't limit yourself to these questions eitherThanks,Charlie Elfman

I work full time, run a real estate business, and have 2 little ones at home, so time is limited for me and understand your situation.

I want to do limited forced appreciation(fixer upper) i.e. floors, kitchen, bathroom, paint.

So, I end up being a cash buyer so far which can limit the speed of scaling.

I am new and starting out, I have a limited marketing budget.

A quick google search indicates that there may not be a limit to how much I can increase the rent:(50 ILCS 825/5)Sec. 5.

Trying to limit what a financial blow this will be.He is not on the lease at all as a tenant. 

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.3Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now."

Having spoken with a few securities attorney about it, there is no loophole: if you're a passive investor and he's managing the investment, then it's a security.The only way for it not to be a security is if you have an active role in managing the investment, however limited that role is.With that said, there are people doing JV deals every day and it's not like the FBI is going to kick down your door and send you to jail.