She is from and still has family in Peoria, IL and her family owns a flooring business, and is well connected in the housing maintenance community in Greater Peoria.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Well anyone can write anything into a contract, but whether it is legal and enforceable is for the courts to decide...It is State law here that a contractor must call 811 or they are liable for the costs.

Cap rate is about 5.5%, but cash flow is less than 100 USD per month.The TK provider is well known here on BP, and they are known to have a decent tenant management.

I can buy a 2-4 unit with 20% down vs conventional can only buy a 2-4 INVESTMENT property with 25% down 4. there are options where DSCR loans dont repot to personal credit, helps in not having to show a bunch of paperwork or not one person in a partnership has to carry the debt5. way less paperwork to close on this loan type vs a conventional loan. we care about the income of the property you're buying and it's ability to service the debt of the property whether we use long term rents income, lease income, or air dna/bnb income.6. easily buy in partnerships, add people to your operating agreement, its as easy as that so bring partners into a deal. helps with scaling and raising capital or getting partners involved7. gift funds allowed to close on these as well, and like I said earlier, there's only a 10day seasoning period of funds with some lenders so that means you can literally have a private money lender deposit money into your account 11 days before closing, and you can use those funds to close!

yes create the addendum but realize the tenant who has been paying could ask to be reimbursed for these costs as well as not accept the addendum.

Looking to learn more about seller financing, the art of the deal as well as connecting with like minded investors in Chicago and beyond!

The income of a property manager is dependent on whether you property is filled with tenants as well. 

I think you should be paying about 10.5%-12% on average right now, 1-2 points as well, and some lenders will not even need an appraisal.

If you live in the smallest, crappiest unit you should be able to do well assuming you've bought well.