Good luck  Total Rents Collected: $23,025/mo Debt Service: $12,358/mo (sad for me. 8% interest rates lol) Property Management 10%: $2,303/moReserves (Vacancy 5%, Maintenance 10%): $3,454/moPhantom Cash Flow: $8,365/moTrue Cash Flow: $4,911/mo (Money I can legit burn)  bob as you probably know I owned a few hundred of these types of homes from DetroitCleveland to Jackson ms  Birmingham balt city etc etc.  

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

.✅ More Control – You’ll personally handle tenant screening, rent collection, and property upkeep, ensuring everything is done to your standards.✅ Stronger Tenant Relationships – Being involved directly allows you to build rapport with your tenants, which can lead to better communication and longer leases.Cons of Self-Managing❌ Time-Consuming – Dealing with maintenance requests, late-night emergencies, and tenant disputes can quickly become a second job.❌ Legal Risks – Chicago has strict landlord-tenant laws.

Was it a collection for small claims, or was this big boy court exceeding $3600?

With a 9-5 job too busy to catch a breather, being that it will be my first rental property would you recommend finding a property management company to oversee the investment property OR create a profile on a property management platform, I am thinking about Avail unless there is a better platform, to collect rent and hire specialist as issues arise from tenants?

If the prospects look financially shaky or sketchy, I ask for the name of a co-signer - and collect payment for a background check on them.Verbally, I also ask when they are interested in taking occupancy, and I tell them the application will be made part of the lease agreement - that I can evict them if they've lied in their application.

The solution was to pre-lease the unit your living in collect security deposit in first months rent.

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.