Offer accepted on my 1st Investment Property!!

[Dan Shelhamer]

After 2 days of negotiations, my offer was accepted on my 1st investment property! It is a single-family home that was listed for $89,000, and I was able to get it for $70,000 with 20% down. Comps look to be $85-90,000. Luckily, it doesn't seem to need any work (fresh coat of paint at most). It also has a new furnace, gutters, and roof. Based on the local rents, I believe I can get $1,150/month (1.59% Income-Expense ratio). With these number's, it would cash flow $357/month with a 26% Cash on Cash ROI. Some question's I have:

• Their is a current renter in the house now that says he is renting for $900/month. Am I able to start marketing the place for rent right away or do I have to do it based on his current lease?
• The property is located in the Northern Chicago Suburbs. Do most landlords in the suburbs take 1st & last month’s rent or a 1-month security deposit?

Thanks in advance for any comments/advice!