It’s humbing and frustrating, but it also teaches you those guardrails you’ll want next time.. like thorough screening, a solid lease agreement that sets ground rules upfront, and maybe even setting aside a bit more cushion in reserves.Chicago’s got plenty of investor-friendly pockets.

Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen.

Screening is important.

How long does it take to screen a tenant and find a qualified one for LTR?

The biggest thing with this is if something major happens are you legally covered if the unit is illegally rented. 

I just went throught the entire screening process and its more like $6,800. 

If the rent payment covers your mortgage and you have a good tenant, why would you get rid of them to take on the expense of unit turnover, because you will have to do one, and the 5% vacancy loss just to increase your rent $150 per month?

I will PM you my rep -- they are in Indianapolis, but if they don't cover your territory, I am sure they can send you contact info for someone. 

Do they like to be on the couch (if so I have couch covers)?

Another option is to explore private lenders or HELOCs to cover the equity.