There is also a significant investment happening in the Buckeye area that should drive appreciation in that part of town in the coming years although currently I would classify that area more as a C- or D+ depending on the street.Best of luck to you!

The design aspect is fun too—you can get really creative with how you furnish spaces depending on your tenants' preferences.That said, it’s definitely more on the lighthearted and quirky side, so don’t expect hardcore realism.

You might have additional items depending on your market.1. 

Since they are 1099 independent contractors, payroll taxes are not paid by the brokerage so agents have to pay about 20-30% out of the portion of the commission they get to Uncle Sam for income taxes, depending on their tax bracket and individual tax situation of course.

@Dmitriy Fomichenko not sure if you were aware, but depending on your income and circumstances, you can convert that money into a Roth IRA, tax free.A friend of mine lives in Washington state (no state income tax) and his taxable income is about $50k a year.

Otherwise, you can never attain financial freedom because rents will not outpace inflation.How long your rental income lasts depends on job growth in the investment city.Non-government jobs are inherently temporary.

If they are changing jobs, they need the new job first and you need to paychecks or offer letter with salary or maybe even the first two paychecks at the new job, depending on their level and income.Ask them about deposit and rent. 

Depending where your rental is in Chicago, you should also be flexible with your requirements.

Depending on your goals, budget somewhere around $3k-$5k per room.

These type of businesses are tough to price as the market varies greatly depending on many factors.