We try to advise investors not to purchase in over densified projects, there are some developers just trying to maximize profits for them and developing projects that in my point of view are not the best for the long term, it creates what I call nightly rates cannibalisim between owners lowering ROI, it also doesnt work on your favor if you ever want to flip it. 

As I was preparing my taxes, my tax professional advised me that management LLC is redundancy and it doesn't make sense to have, it's like moving my money from one pocket to the other.

My property manager advised me to keep rent below $1300.

A couple other key assumptions that I would advise "kicking the tires on" before moving forward:1.

Hello! I love in the suburbs of Chicago and go to a university nearby. I still live at home as of right now. I have been working in a local bank for the past 3 or so years in the commercial lending department to get a...

The tricky one is the rent to income ratio and how it is related to the median family income.I did note that at lease one other poster was advised to always use the low barrier screening criteria to avoid potential lawsuits. 

If you have to use Comps from different neighborhoods to obtain your desired value, don't be surprised if the Appraiser uses the similar recent sales and active listings on the Subject's street and obtains a lower valuation.I highly advise you pursue the professional, competent approach rather than the "suck up" approach when working with Appraisers.

(assuming I still want to buy as is)A sternly worded letter from an attorney advising that the buyer intends to pursue all available remedies (including recovering all costs and expense incurred in enforcing the contract, if it provides for that) tends to help most sellers understand the reality of what they agreed to.If the contract isn’t bulletproof this is when the buyer makes that unfortunate discovery.

In order to make sure you're optimizing your tax advantages and adhering to all applicable requirements, even while I can offer broad advise, I suggest speaking with a tax professional or accountant who is knowledgeable with real estate taxation.

His team is advising him to sell.