Put $10-15K in to get a brand new kitchen, refinished hardwood, recessed lighting, and brand new bathroom.

Naturally you need to charge them for any damage to incldue smoke damange 

Quote from @Michell Chase Chase: I registered my LLC in Wyoming and was not told anything to that nature..but my investment property is in NY so I also have to register my WY LLC as a foreign entity LLC in NY as I will be generating income in that state...

And I can see why the different offerings (some stock light, others heavily) make sense.

Install cameras and exterior lighting on timers, place no trespassing signs, and place items that indicate occupancy - like a BIG dog bowl near the front door, shoes, etc. 

I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

A nice multi family property that you can do some light fixtures on sounds like a perfect strategy for you so you and your wife can have your own unit.

I was just curious about how those relationships naturally come about.

To deter the break-ins you need to have window coverings on all the windows, a light on and not advertise that the unit is vacant.

What this stems from is that the IRS requires that a taxpayer trace interest expense to the nature of how the proceeds are used.