I work in WA, not IL.Sounds like similar facts - you need to be licensed if you are going to manage other folks' property.Here, you need to hang your license under a managing broker until you can get your managing brokers license, as brokers can't touch money and do a few other things legally.If it's like WA, you will have to hang your license under a managing broker at a brokerage, and coordinate deposits, contracts, fees with them.If that is the case, ask some brokerages that will allow you to hang your license under them for minimal fees in order to be compliant.

This strategy showcases how buying directly from motivated sellers, renovating strategically, and selling retail can yield substantial financial gains in a relatively short time frame.

I'd rather keep the sub-3% rate for now and finance other properties conventionally for the short term.

You won't get calls at 11:30pm on a Saturday reporting heat is out when the temperatures are -17 degrees.Increased Long-Term Property Value: "Nobody will care about my property better than me!"

Take out term life insurance. 

. - The 4% rule is a helpful benchmark but leaves a LOT to be desired in terms of projecting retirement income from a liquid portfolio.

Personally, it’s something I always expect from a short-term rental, and it can have a huge impact on your reviews.To make things easier for both you and your guests, consider smart tools like locks, outdoor cameras, and smart thermostats.

Some focus purely on numbers, while others look at long-term value, location trends, or creative financing strategies.For those of you investing in Chicago (or similar markets), whats your mindset when evaluating off-market opportunities?

Don't be discouraged by the lower returns—house hacking is often about long-term wealth-building, and your primary residence can offset some of those mediocre numbers.Make sure you're accounting for local trends and realistic rents—sometimes expected rent growth is overly optimistic, or costs like repairs might be underestimated.

Understanding cash flow and loan terms will help you manage payments.