You need an income that meets three requirements:Rents increase faster than inflation to offset constantly rising prices.It must be reliable; it continues even during economic downturns.It must last throughout your lifetime.These are all long-term requirements, so the current interest rates are not the major issue.

Contact the real estate division for confirmation: https://idfpr.illinois.gov/dre.htmlIn illinois you must have a license.

Seeing success firsthand, especially in a hands-on industry like construction, must have been a powerful motivator.

I agree that the upside here is knowing most of the mechanicals need to be redone upfront, so there should be fewer ‘surprises’ along the way.Setting aside a solid contingency fund is a must—do you have a rule of thumb for that?

However, as noted above, you must demonstrate that you are serious and can successfully close the deal. 

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

You must must disclose to the seller everything including that you are selling it to someone else and how much money you are selling it to that end buyer.

The seller must think he is sitting on a really hot property, or the buyer is asking for too long of a DD period.

@Dallas Smith To defer capital gains on your investment property, a 1031 exchange is an effective strategy, but the replacement property must be held for investment purposes for at least two years.

But by the way they perform Matt must over burden them with tasks outside their experience level.