Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

That money is best used for an emergency fund and to find your next property. 

Emergency life situations.

Airtight process procedures and checklists must be in place to ensure the steps are all followed the same way every time (scalability) and that the relevant parties are apprised of the process as it moves down the assembly line. 

In the grand scheme of things, yes, you should eventually replace the windows so 1) They operate properly. 2) It doesn't turn away potential tenants or cause maintenance hassles when a new one moves in.3) Tenants have proper egress in case of an emergency (like fire).Now, windows are expensive, so you'll have to decide how much you're willing to spend, based on how much income the property is bringing in.

I am a first time homebuyer looking to house hack in Chicago and I have an almost 800 credit score, but I don't really have much saved up beyond my emergency fund for a down payment.

Does anyone of any suggestions on emerging areas that would be a great place to buy something in the range of 20-40 units?

Different strategies call for different procedures.

I also disagree with Michael, due to some language in the annual revenue procedures that discusses what we can do with depreciation changes. 

Hi Dylan, I believe it may be best to get your credit and emergency fund ready before investing in a property.