Stuff sounds real cool and worked out on paper but if it were that simplistic, wouldnt most people just do that?

Pen and paper, spreadsheet, or whatever provides the information you need.

No kidding this is as simple as it gets.. just advertise that you accept shorter term leases and riase your price.. we have been doing it in Vegas for years..

I keep it simple, i do not allow pets.

Because of this, I put up a sign in the hallway that says we are now implementing quiet hours, and I gave each Tenant a piece of paper outlining quiet hours.

Is it an official inspection or some notes on paper? 

You defiantly want legal protection as stated by @Max Wilhite@Jonathan Bock is correct about keeping it simple. 

Quote from @Dana Yobst: Quote from @Julio Gonzalez: @Dana Yobst While it may seem like a simple concept, it's actually a very complex process that requires significant documentation as well as specific methodologies.

Hey Hey @Veronica Mitchell - The most simple advice is to follow the CTA trainlines.I personally love the South East Corridor of Chicago which has Bronzesville, Kenwood, Washington Park, Hyde Park, Woodlawn, and South Shore.That area will continue to be gentrified because you have the lakefront and CTA trains.Others mentioned NW along the Blue and West along the Pink, Green, and Blue lines.

I thought the posting said 3 unit but my realtor gave me the paper work on it.