First rental property

[Jonathan Chung]

Hey guys! Complete noob here. I am thinking of purchasing a rental property in Chicago. Any tips would be helpful. Would like to purchase something downtown or close to central Chicago so I can be close enough to put out any figurative fires. How does one find a good property? Any basic analytics that can be used? Best way to find good renters? How much to put down as down payment. Is FHA loan a good choice?

Thank you in advance!

[Jesse M.]

Stop everything you're doing and start listening to the BP podcasts, specifically those related to buy & hold (rental) investing. There are lots of blogs here in the forum that you should read all the way through. If all of your questions aren't answered by doing that, you haven't read enough. I think you will be hard pressed to find something in downtown Chicago that will yield positive cash flow. Good luck.