I then suggest setting up a bank account where there is auto pay.

It's still a good market for long term rentals but the returns are not what they were 10 years ago - but if you can get past overly optimistic suggested ROI, it's a really solid market.

If you're targeting Section 8 tenants in Chicago, I'd suggest listing at the fair market rent of $2000.

I appreciate the suggestion to check out Tim Delaney’s posts - I'll definitely do that.FYI - I’m also a regular listener and fan of your BiggerPockets Money podcast, so it’s great to connect with the community here.

Industry experts suggest the current uncertainty creates ideal investment conditions for those willing to enter the market.As we step into 2025, we wish our valued readers prosperity in their investments, clarity in their decisions, and success in seizing the opportunities ahead.

It suggests that you should aim to pay no more than 70% of the ARV (after-repair value), minus repair costs.Example: If the ARV is $300,000 and repairs cost $50,000, you should pay no more than $160,000 for the property. ($300,000 * 0.70 = $210,000 – $50,000 = $160,000).Walk the Property: Check for structural issues, roof condition, foundation, HVAC, and plumbing.

You have lots of income suggestions, work on them and remember it isn't forever.

You should learn how to analyze property to ensure it's going to pay for itself.A couple suggestions:1.

Exactly what Chris suggests - buy the house from them and rent it back to them.

An uncontested foreclosure is often the best way to resolve issues with subordinate lien holders though I've also contacted some and explained they were about to be named in a foreclosure and suggested that could be avoided if they just released the property from their judgment/lien.