Advise for new investor in Chicago

[Rene Smith]

I'm thinking about purchasing a property in Chicago IL that is already rented out to section 8 tenant. Does anyone have any advise for a first time investor that is out of state?

[Brie Schmidt]

@Erik Hatch - Chicago isn't considering rent control, there is a state wide ban on it.  So first the state needs to repeal it.  The bill you are referring to was killed about 9 months ago and didn't get very far in the process.  I think it is the 5th time they tried to overturn the statewide ban in the last decade and it never got far enough to even be taken seriously.  

I have been a landlord in Chicago for 8+ years and have yet to have a section 8 tenant apply for one of my apartments.  Cook county added section 8 to it's list of protected classes, but the applicant still need to meet your credit and income criteria.