Hi All,I have only been in Chicago for 5 months and purchase my first investment property (house-hack).

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The rule of thumb for me used to be that the property needs to be able to do 20% of the purchase price in gross rental income.

Hello,I am interested in purchasing a recently renovated $195K property as a 'secondary' home for the next 4 years to use as a future LTR.

I’m looking to raise $160,000 to cover the purchase, renovation, and activation of this new Airbnb property.

Since they can't do each property individually, they use comparable sales to make broad generalizations to determine percent changes.

Purchase price: $169,000 Cash invested: $35,000 Looking to put 70K into the separate garage to make a 730Sqft home.

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

I currently own one property, and I’m planning to purchase another.