This could result in extensive damage to finished parts of the house if the washing machine fails.

Hi Musammath, I have extensive working knowledge of the Bronx Multi Family market.

I have researched each deal extensively and missed out on a few because of my caution.

And the work it needs might be more extensive than you think so be sure to have a professional look at it with you. 

I have a tenant that’s been with me for 2 yrs now and just signed a 3 yr extension back in June.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).

We have done extensive research, we are aware that the real estate taxes in some areas are redic, we know that Chicago is on the brink of bankruptcy, and that the crime rate is high. 

Have no prior real estate experience but have pretty extensive business experience, managing cash flow, people etc. 

Here we take it heavily into account as to what we are into the unit for. 10% down is a minimum, zero consideration for a penny less. 5yr term is our standard although we do add in a 2yr extension clause at additional pts fee for such.

fast track to doing it right. you have a HUGE gap between hey I am going to go buy me a rental that is rent ready either through some provider or off of MLS and HEY I am going to buy a property that needs extensive renovation before we can get it rent ready.. the two are so far different so in my mind cant lump that active rehab investor into the vanilla BP I am getting my first rental or my 3rd rental investor..