Chicago buy and hold

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I need your help BP contributors!

I am seeking my first rental property. I have been researching many different markets and I feel that I am suffering from analysis paralysis although I know that I am ready to make a move and have seen good opportunities. I want to know if anyone can provide me with insight into the Chicago market (neighborhoods worthwhile, neighborhoods to completely avoid, articles/data on why Chicago is a good rental market, etc.) I am looking for a turnkey opportunity as a buy and hold investment, because I do not have time to scour the MLS and work with a realtor. I want something that is ready to go, fully-rehabbed and with tenants in place and I am willing to pay slightly above market value to do this. A BP colleague recommended a turnkey provider that invests in Chicago (and their properties are multi-family in Cook Co.) but I have not been able to find other providers. Do you know of any other turnkey providers that sell Chicago property? I know there are good and bad areas of Chicago, as there are in any city- but on the same note, I see Chicago as a great opportunity to invest for cash flow despite its crime rate and spotty neighborhoods (I see a lot of 8-10% cap rates for multi families). The lake view area properties are out of my range price-wise and the numbers do not make sense, so I want to focus on the south side. The south side seems to have a lot of renters and the rent-to-value ratios are above 1 %. Let me know what you think and I'd appreciate any further advice!

Thanks,

--Jon--

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First, let me ask why you want to have buy/hold properties? What are the returns you are after that makes you feel this is the avenue for you?

Second - the southside varies sometimes block by block. Some areas are solid. Others not so much. The Landlord/Tenant laws in Chicago are extremely favorable towards the tenants, so be sure you have all your i's dotted and t's crossed and do all of your homework.

Finally - ensure the team you have in place knows the system here in Chicago better than the "professional" tenants we have here in this City.

Not writing to scare you off, just educate you on what you may be getting into.