Prior to the 1986 Act, real estate investors were able to offset their rental property losses against their active income including w-2 earnings and profits from businesses.

Just make sure to include a buffer (about 10-15%) for unexpected costs, especially if you’re working on an older home.

Some areas that are on the path of appreciation and aren't yet completely picked over include Little Village, Hermosa, Belmont Cragin, Mckinley Park, etc.I am a local investor as well as an agent so if you need any help please don't hesitate to reach out

An attorney can create an operating agreement for you and give you ideas on what to include in your operating agreement.Loans will probably be personally guaranteed, so it doesn't matter if it's in an LLC.

Actual damages for breach of the rental agreement may include a claim for rent that would have accrued until the expiration of the term of the rental agreement or until a tenancy pursuant to a new rental agreement commences, whichever occurs first, provided that nothing contained in this section shall diminish the duty of the landlord to mitigate actual damages for breach of the rental agreement.

A lot of leases include language about the lease automatically renewing if no written notice is given.

  $540,000...this price includes no commissions.

Never been through a downturn, operators ( myself included) often can't see what's right in front of them before the tide is obvious. c.

(That would not even include payroll for my W2 TC and admin). 

I'm currently in the process of closing my first primary residence deal in NYC, and I would like to ask for a piece of advice to the community.The current tenant of the Seller failed to move out by the closing date and the Seller decided to take a legal vacating process.Background- The current tenant of the Seller failed to move out by the closing date and I heard the tenant is avoiding direct communications with the Seller- Not sure from my end if the tenant is willing to moving out but struggling, or maliciously squatting- I have a vacancy contingency in the contract, thus I can back out at my discretion due to this issue, but currently there is no other properties that I want to move on to due to the market condition- The Seller is trying to take a legal action but it will at least take 3 months or longer, no promise to succeedAdvice to ask- My attorney could not negotiate to ask for a penalty for this delay because the penalty for delay was not included in the contract.