Dan Nelson · Chicago 2 to 4 unit buildings
By Dan Nelson · 20+ years buying rentals and flipping properties · Updated November 2026
2025 Top Producer, Chicago Association of REALTORS®: Silver for units, Bronze for volume.
Call an agent who owns 2-flats and helps first time buyers buy them. That is the short answer. I'm Dan Nelson, and that is what my team does. I have spent 20+ years buying rentals and flipping properties in Chicago, and many of the people we help buy a 2-flat are buying their very first building.
A 2-flat is a Chicago building with two full apartments, one on top of the other. Most of the country would call it a duplex. You live in one apartment and rent out the other, and that rent covers a big piece of your mortgage.
Your first 2-flat is a home and a rental at the same time. An agent who owns small buildings has already done the parts that are new to you: picked a unit to live in, set the rent, and found a good tenant. They can stand in a basement with you and tell you what they see. Plenty of good agents sell houses. Fewer have owned the kind of building you want to buy.
Ask every agent the same four questions. Do you own a 2-flat or 3-flat yourself? How many first time buyers did you help buy a 2 to 4 unit building this year? Which lenders do your buyers use for a building they live in? Can you walk me through the rent and the mortgage on a live listing right now? If the answers come easy, you have found the right call.
For more questions, see what to ask an agent before buying a 2 to 4 unit building.
A good first call gets to the money fast. A conventional loan can buy a 2 to 4 unit building you live in with 5% down. On a $600,000 building, 5% is $30,000. On a 2-flat, an FHA loan can go as low as 3.5% down. Here is how much money you need to buy a 2-flat and how little you can put down.
If your first 2-flat is on your mind, reach out or start with your first building in Chicago. The first conversation costs nothing, and you will leave knowing your next step. You are closer than you think.