For instance your insurance may be more but the actual cost per unit is less.

Hey @Jason Stimac Seems like a great goal / vision to have but a little hard to achieve in 10 years and depending on where you invest in Chicago,unless you are doing gut rehabs or putting a lot of money down on a property, might be difficult to achieve.

You are unlikely to ever achieve a return matched by the S&P long term projection.Note I use S&P as one example and not necessarily the optimal example.Good luck

Each unit is ~780 sq ft, 2 bed/1 bath.  

To me, the earlier I can start and finish the project, the lower the building cost will be and the earlier I can achieve better cash flow.

In practice, they tend to:Anchor heavily to in-place NOIGive partial, not full, credit for projected rent increasesRequire clear evidence that the higher NOI is achievable and sustainableDeferred maintenance and condition usually show up through adjustments or effective NOI assumptions rather than a big swing in cap rate.

Quote from @Keis J Patterson: Hello BP Team, I have been watching on YouTube for a few years and am now ready to pull the trigger on my 1st Multi-family (2 unit).

Like @Kenneth Garrett said, you'll need to do furnished if you do STR or MTR.If your intention is to continue LTR, furnishing the unit is a terrible idea as counter-intuitive as it seems. 

Quote from @Jennifer L Fazio: Hello, I am Jennifer, I have no idea where to start i know what i want i just need help achieving it .

This is a solid way to achieve diversification and take advantage of the tax to scale your RE portfolio.