[2]   Do you know if the buyer is going to owner occupy or is it an intended rental?

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

.✅ Hands-On Experience – If you plan to grow your real estate portfolio, managing tenants yourself can teach you valuable lessons about leases, maintenance, and local rental laws.✅ More Control – You’ll personally handle tenant screening, rent collection, and property upkeep, ensuring everything is done to your standards.✅ Stronger Tenant Relationships – Being involved directly allows you to build rapport with your tenants, which can lead to better communication and longer leases.Cons of Self-Managing❌ Time-Consuming – Dealing with maintenance requests, late-night emergencies, and tenant disputes can quickly become a second job.❌ Legal Risks – Chicago has strict landlord-tenant laws.

I am however looking to start a rental management company in my area.

Increased demand for historic district rentals and excellent rental history.

Hi Shayan,It definitely doesn't hurt to get another quote from a different GC for sanity check.DSCR loans won't work if the property is not rental condition and it won't fund any of your rehab budget.

I'm also investing out of state and just got our first rental property.

I don't think anyone predicted that.I've always thought for rentals it's better to buy a $250,000 house and hope for the chance it goes to $350,000 than buy a $500,000 house hoping it goes to $750,000. 

I have a new agent hunger for anything so I give him all my leads on my rental listings and split commission with him he is willing to go out of his way and do my showings so again not all realtors are bad.

Also, I would look at rental rates to property values to determine if any areas are around the 1% rule.