These senior apartments are set up to make life easier for seniors.

If your acquiring for appreciation, Class B+ to Class A+ should be your target as they will be hard to find cash flowing assets of this type if financing. 

I am working with a small group who wanted to target the Chicago market.

While you are getting things sorted out with your tenant, which mtg term is easier to handle? 

This princaple is then scaled where professional investors with 20+ units expect to have 1 to 2 units vacant at a time but they have been smart with their investments and that vacancy doesn't hurt them due to the other units being filled.Furthermore duplexes are easier to manage if you buy one closer to where you live. 

Yes financing on SFR is easier, but what are your plans?

It also has rental registration and a noise ordinance targeted at students.

Sometimes it’s easier to apologize than to ask -wink -wink

If I understand it correctly, next time: use private money @Randy Thomason(silly me thought HM would be quicker and easier than making those private connections), budget for at 35% DP and work with someone that only relies on a BPO (that way, you know the person estimating market value knows the area--- I added that!)

The easier "get out of jail" card is to sell the house but I always hesitate to give such self-defeating advice.