I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

I wanted to say thank you to all the individuals who reached out to me and connected me with some very influential people.

Looking at a portfolio purchase.  180k purchase price, 20k down, balloon after 5 years. 

Borrowers that purchased during the last 24 months, particularly with alternative mortgages such as DSCR loans at elevated rates could see worthwhile refinancing scenarios in the very near term just as any early payoff penalties are expiring. 

Either way, they all agreed I must sell my house and use the gains as a debt paydown and down payment to purchase the next.

I would like to purchase short term rentals and be able to qualify as a real estate professional and deduct against by active income taxes.

@Christopher Lynch Feel free to reach out.

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss.

Don't hesitate to reach out with any questions at all. 

John,You only need to put 15% down on a Multifamily investment purchase even up to 4 units.