We simply include the tax on the invoice sent to guests, which makes it easier to track and ensures we're covered for tax purposes at the end of the year.For Chicago, I’d recommend checking directly with the city’s tax office or a CPA, but generally, you’ll need to register with the city, collect the hotel tax from guests, and remit it on a regular schedule (likely monthly or quarterly).

Even with that, I think we will still be way ahead. 2 bed, 1 bath, 1200sq/ft, detached 1 car garagePurchase Price: $38,000Repairs: $20,000ARV: $96,000 (based off Zillow, but a local real estate agent thought that was pretty accurate)Mortgage: $430Insurance: $55Trash Included: $25Rent: $1,000We are now going through applications for our first tenant. 

If anyone could include what to look out for in a good deal and a bad deal

If the land is included with the mobile home, there are DSCR lenders that will be willing to lend up to 70% LTV as long as it is not a rural area. 

Just ensure to complete necessary due diligence - this can include, but is not limited to, title search, property inspection, appraisal and/or survey. 

I'm glad to be included on this platform with like minded interests.

There are at least two I found on a quick google search including Central Indiana Real Estate Investors Association (CIREIA) and INDIANA REAL ESTATE INVESTORS ASSOCIATION.

Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions.

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump.

The risk is not including due diligence caveats in your offer, like inspections.