Taxes : Taxes have been a brewing crisis nationwide for sometime, Chicago is another prime example of a major municipality struggling under high debt load.

When they eventually move out, I plan to do a full renovation to bring the unit up to high-quality standards and maximize its rental potential.I’m happy to connect if you ever want to chat.

My mortgage should be about $2,100 after I get PMI eliminated and I was going to rent it to a friend that I have known since high school for $2,000 a month.

However, while I was still getting contractor bids for different projects, I found 3 different companies that are quick (based off of their contracts and guarantees) and have good quality of work (based off of previous and current investor feedback) but come at the cost of price.

.- Tenant submitted a work order for low water pressure in 2 bathrooms- Tenant submitted a work order because the garage door doesn't close all the way and left a 2-3 inch gap at the bottom- Owner initially refused to address either work order- Owner demanding the tenants place furniture pads on each piece of furniture- Owner calling multiple times to speak through the work orders, asking when they've been scheduled, calling a couple days later requesting the invoices- Owner calling because they want to access their storage in the basement so they can remove several pieces of furniture being stored- Owner now emailing requesting multiple property inspections throughout the lease cycle- Owner questioning my experience and relative PM knowledge because I'm not following up with her in a timely manner (the following day after the work order)Keep in mind, this is 2 weeks after the tenants had moved in and the tenants are very happy in the home.This is something we see on a regular basis.

Submitting real offers that you feel confident actually closing on and having a strong sponsor to work with that has a track record will go much further towards you winning deals.In short, you can pursue larger deals right out of the gate if you want to, but generally expect that it'll take you longer to win one and make sure you have the right players on your team so that you're prepared to win them and to close them once you do.

If the answer is "close enough," they move forward without much hesitation.While it's true that higher-quality tenants are easier to attract with nicer homes in better areas, I’ve managed C-class properties and had fantastic tenants.

Summary: I’m currently working on a project to analyze rental market trends and help real estate investors, landlords, and property managers identify high-performing areas.

At the very least, I would request a refund of the original application fee as the City made a mistake causing you to have to submit again.  

Quote from @Rud Sev: Hello,I am new to the world of syndication (LP investor) and want to understand how taxes at a high level for syndication as LP before asking individual specific questions to my CPA.Notably, I want to understand how preferred returns/cash flows are taxed, if at all, until the amount invested has been returned.