I have been trying to get a distressed/value add LTR property under contract in my local market for some time now.

At that time I will get the house cleaned up and list it on the market and when it sells I've agreed to get reimbursed my costs for reinstatement plus any other costs plus a fee for my efforts.

@Trevor McCormick I would say that it is an okay market but is very saturated and alot of investors are having a tough time right now.

Be mindful of the harsh winters and short construction seasons, which can affect project timing.

Appreciation time frame????

They will save you time and money. 

Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time. 

Portage Park is definitely a prime-time Chicago neighborhood @Delroy Watson! 

Most times when evaluating a DSCR mortgage, market rent will come into play.

In some jurisdictions, you are liable for 3 times the value of the property if you lose.