2c. What are common investment options to consider: general cautions?
One option to be careful about is buying condo's preconstruction with the hope of flipping them. While some have made money, there are others who have lost-and some of them BIG.
Renting out single-family homes can also be dangerous (as tenants can do a lot of damage).
What about Non-Owner-Occupied 2-Flats? It's true that they require less of a down payment, but rarely does a 2-flat bring in enough rent to cash flow (and so few find this a viable option).
Visit our website to read more about Chicago multi-family homes with two or more flats.