Chicago is similar, mid 400+ for a single or multi family, old construction, highest taxes. 

If you have the money, go with FHA for a multi unit property for your first property. 

Hi all - I have a 3-unit multi-family property (3 bed 3 bath, 3 bed 3 bath, and studio) with an unfinished basement and an attached 2-car garage that I plan to remodel soon. 

It is a great place to meet new friends and learn about various aspects of real estate and more.Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingGood luck on your journey!

Pretty simple platform, but doesn't have much customization.You could also look into Appfolio, Rentvine, Doorloop and several others, but they cost more and are more complex to implement.We use Propertyware, which is extremely customizable, which is why we selected it, but comes with a long learning curve. 

Really looking forward to engaging with others on this platform.

Note that conventional loans allow 5% down for multi-families now...It sounds like even with your father's help, you still don't have sufficient funds, much less also having additional reserves...What, may I ask, is your job? 

Older properties could allow for a higher quantity of investments and potentially more cash flow, but I lack experience with these and would consider working with investor friendly realtor and property managers.I would greatly appreciate any advice on:New constructions vs. older homes.Self-managing or working with a property manager.Identifying promising locations for long-term rental investments.Thank you in advance for your time and help.

Pricing is very similar to Cleveland but the landlord tenant laws are more landlord friendly.

Investment Info:Small multi-family (2-4 units) buy & hold investment.