Might be an additional cost there.If units are updated, capex items look good, leases and tenants look solid, and there are no other regular expenses besides the 5200 in insurance/property taxes then I like this deal.  

The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

I want to create a strong marketing plan before taking that step to help me achieve my goal of earning $50k in commissions.I’m hoping this group can help me with a few questions:1.

I have an LLC do I need to file this form to the IRS? 

This is assuming the way you notified the tenants of the new rent was considered legal notice in your market. 

To get the best results, I recommend preparing a detailed scope of work before they visit.

Chicago, with its vibrant neighborhoods and strong rental market, is a prime location for this strategy.

My question is this - does Johnson City receive enough visitation to justify a successful STR?

i'd pick a market close by, or that you have a personal connection to, or that you visit often.chasing cash flow by itself can lead to negative outcomes - for example, these investors bought in supposed "cash flow" markets:https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...hope this helps.

But I am wondering if there is any good Keywords for Zillow, or any websites where something like this may stand out more or any tips someone may have for finding these type of properties in CO.Thanks!