Otherwise, we comingle our household and rental expenses to earn more rewards and make things easier and such, and it is fine as long we we can keep the bookkeeping straight. 

Yes a lot of people made easy money in the last several year but that was not due to being smart that was due to the market rewarding anybody in the market good deal or bad. 

So weigh that risk/reward and decide if its worth it to you. 

Foreclosures & AuctionsThis is high-risk, high-reward, especially without deep local market experience or a trusted boots-on-the-ground crew.You’ll need cash fast (HELOC helps), but risk of unseen repairs or title issues is higherThese are great once you’re more seasoned, but could derail a good partnership early if things go wrongRating: 5/10.

There are thousands of illegal and non-conforming units here in Chicago, but each investor needs to weigh their risk vs. reward appetite.  

I know that feels like a lot to give up this early in your investment journey, but I suggest you do more analysis to get a better sense of your risk/reward. depending what market you're in; you may be better off putting your gains into a high yield savings account and get back into the market 6-12 months down the line. 

Lower risk lower reward in state, higher risk higher reward out of state.

It all comes down to the actual opportunity presented, and understanding those risks while balancing the possible reward.

And for it, we reaped the rewards for many many years, aaaaaand then squandered it away. 

Real estate can be scary to jump into but VERY rewarding!