Just trying to get as much information as possible since this will be a huge leap for us into this type of investment. 

There's some mis-information and mis-understanding of AP, the process and it's effect in this thread.

I like the potential of AI to streamline our real estate investment processes.

I feel like it would be great to trust a property management company on all of this, but it would be hard not to step in if you could do a better job at screening bad tenants (eg screening HUGE future problems).I initially managed properties myself, but now I delegate that responsibility to my business partner, personal assistant, or a property manager at my brokerage.Most PMs I know will send you an applicant for final approval and you can get on the phone with them and ask them questions

When a tenant moves out or there is a repair 99% of the time I have reserves to cover those expenses because that was a requirement in my process of underwriting the property.

Rinse and repeat this process over time.

It was just a waiting game going through the foreclosure process Lessons learned?

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.

What's more, these contracts were never recorded before or during the foreclosure process, and the homeowner was actually in default on the first mortgage when they entered into these agreements.

@Will Jones, we are in the process of putting an offer on a piece of land in where we will build a building for one of my businesses and then lease out the rest of the space.