Forget collections agency.

However, if you inherit it through her estate, you receive a stepped-up basis to its fair market value at that time, reducing tax liability upon sale.Gifting it now has no immediate tax consequences unless its value exceeds the $18,000 annual gift tax exclusion (2024).

I know this is also a National issue, especially in land constricted markets.

The financing will then dictate which markets are and aren't within your budget.

One strategy is to pursue properties (in your preferred markets) that have been listed for sale for over 90 days (even longer is better).

Would this be the ideal market, or are there other rental options we should explore? 

Rental market is pretty strong, there are a lot of good economic drivers.

It’s exciting to hear about your plans to dive into this field, and Chicago is a fantastic market to explore once you move there.It sounds like you’re on the right track with your interest in House Hacking, Mid-Term Rentals, Short-Term Rentals, and the BRRRR strategy.

There's a tenant that's month to month, rent is at least $800 below market rent, so I told the seller I need that unit to be vacant.

Fairmont is a good little market!