Quote from @Anne Connor: Hello Everyone,I’m trying to buy my first legal 3-unit in Chicago using the 5% down conventional owner-occupied program.

This criteria is for 1-4 and 5-8 unit programs.

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

The above supplemented with pay per click advertising program to generate sellers meeting your parameters, in other words QUALIFIED leads.4.

Any feed back is welcome 

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

Your tenants help cover the mortgage so you can build equity without feeling the financial weight of a full rental right away.There are great loan programs for first-time buyers that keep your upfront cost low, and you can take advantage of rental write-offs while learning how to manage a property.Once you have that first deal working, you can scale.

This criteria is for 1-4 and 5-8 unit programs.

Hi Ruth, I am with The One Brokerage and have access to a Buy Before You Sell program.

Just a quick reminder for fellow landlords who work with the Section 8 Housing Choice Voucher Program  always make sure to follow these key steps before move in to protect yourself and your tenant:Do not allow tenants to transfer utilities or schedule movers into the unit until the RFTA (Request for Tenancy Approval) packet has been approved and the inspection has passed.