Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Don't know how much renovations will really cost, again, either PM or GC conversations.  

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

We abated the walls, and that added $10,000 to our costs.

I would encourage you to learn the market you plan to invest in now and to continue to learn about the different methods of investing.

This could make the sale more appealing by solving a logistical challenge for the landlord.Things to Keep in MindUnderwrite Conservatively: Make sure you account for all costs, including property taxes, maintenance, and potential repairs.

Maybe that is gross profit when you sell it, but what about the cost to build it?  

Or if you want a lower monthly payment, then do the 20% down.You can also negotiate credits with the sellers to use towards your closing costs or rate buy down.

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

.✅ Knowledge of Chicago Rental Laws – A good property manager stays up to date on local laws, helping you avoid costly legal mistakes.✅ Maintenance & Repairs Handled – No more emergency calls at 2 AM about a broken water heater!