--First PropertyFirst Property--UnFinancedFinanced 40K at 5% 0 DownPurchase Price/ Financed Amount$40,000Rehab Cost$32,500$32,500Closing$2102.90$2102.90Total Capital (Door Cost)$74,602.90$34,602.90Monthly Cash Flow$598.33$383.60Capital Cost per 1$ of Cash Flow$124.68$104.52Capital Conserved by Financing$0$40,000Take for example my first property we spent $74,602 on the property in total that is purchase and Rehab.

If you have any questions about the chicago market feel free to ask me. what type of investing are you looking to do or what are you looking to learn this will help other help you and will also allow you to really focus in on one area.

My advise is that you need to talk with a lender to learn your options/rates/etc...Either a bank or mortgage broker (Like Guaranteed Rate, etc...)FHA loans actually provide 97.5% financing, so you only need 3.5% down.You would have to purchase the property in your name.Perhaps down the line you can quit claim to an LLC which is pretty easy to do.My advise go for 4 units, the more doors the better.

For $20k that cannot be a heated garage unit... with a kitchen and bathroom. 

@John SuralikIf you were truly lazy, you would be acquiring your doors 16 - 20 at a time ;-)

New construction next door just sold as soon as it was listed for $2.2 million.

The city did not fine the owner of the old violation, but they only asked to bring it to code (convert back to garage), or cancel the garage and pull new permits to make the room habitable and permitted.

2 bed/1 bath, detached 2 car garage.

Knock on doors.....trust me it works!!!

I've saved every bit of detail, from the antique door hinges to the spindles on the stair well to be put back into the home.