As you begin your RE journey might I suggest using this website as an easy go-to.

@James KieferThere are many REI opportunities in different markets - markets in the Midwest and Southeast of the country are great - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

If you're not embarrassed by your offer - it isn't low enough:) @Drew Sygit ha!

We intend to gift properties and money to our heirs and they can be investors and landlords or whatever they chose to do.Not sure I really want a financial planner telling me what I am doing is screwed up, but I will listen to other RE investors and any good ideas they may wish to share. 

I clarified and re-clarified what I wanted.

Yes if the cost is merely $7k, you will be able to re-capture that cost within 1 year and most importantly, increase the value of the home. - What measures can landlords take to ensure protection while renting, and what steps should be considered prior to seeking a tenant? 

Regarding Chicago, the 2024 property tax re-assessment in Cook County should cause some inventory to hit the market, specifically on the mixed-use and multi-family side of things which will be hit especially hard.

Being surrounded by like minded individuals, whom are at all levels of their RE journey, is amazing and you can learn so much from all of them.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

Holding RE till death is always great in theory but reality makes it so much more difficult.   

You can hire a RE lawyer to oversee my  side of the contract if I really need to.