The living condition is terrible as the apartment is poorly maintained by tenant and poorly managed by landlord [seller].

I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases.

That means learning how to vet a manager.

Nick Raimondi, who claims to be a managing partner at Insula Capital/Atlantic Holdings, after we were working with the seller and our lawyers, got our LLC, jumped through all the hoops they wanted us to, only to sit down at the table yesterday at the lawyers office to yet another stipulation.

They're taking massive fees 2% on assets they manage, 20% on increases in net asset value, large salaries for only $7-8m assets, they are self dealing with a $2m in promissory notes that pay Dutch's other entities 10.95% interest. i think the 36% return might be before all these fees or for his 3 other entities that lent the company money at a very high rate.source: their sec filings https://sec.report/CIK/0001721...

The value for us was basically paying 3k/month for a project manager, which we built into our reno costs and fit our model.  

I manage almost 400 apartments in Cook County at this point.

Simplified ManagementFor those managing multiple properties, AB 2622 streamlines operations by expanding your hiring pool and removing the red tape often associated with minor repairs.Why It Matters for TenantsTenants also benefit from AB 2622:Faster Maintenance: Minor issues like plumbing or lighting can now be resolved promptly.Fairer Move-Out Costs: Affordable repairs mean tenants aren’t hit with inflated charges for damage beyond normal wear and tear.Things to Keep in MindWhile AB 2622 makes maintenance easier, landlords should still vet unlicensed workers carefully, ensure proper insurance coverage, and remember that jobs requiring permits must involve licensed contractors.AB 2622: A Win-Win for California’s Rental MarketAB 2622 strikes a balance between flexibility and accountability, making it easier for landlords to maintain high-quality rentals while fostering better tenant relationships.

First, Are you licensed and insured to manage other people's properties?

I do not have 5 layers of management that make my rates higher, no lender I work with pays for my office space, licensing, benefits, marketing department, compliance department....