While it may not provide immediate high cash flow, it could serve as a valuable learning experience and a foundation for future investments.Remember, successful real estate investing isn't about following a one-size-fits-all approach.

Refer to tenant screening plan for more detailsUnique Selling Proposition (USP):Offering 440 Mbps Wi-Fi, furnished common areas, and driving distance from a military base.Metrics: 1.

Depending on the more info, one issue is the loan size - $55,000 is going to be below many (almost all) lenders minimums right now for mortgage loans on investment properties

Does anyone know an agent/manager who can provide insights on the tenant screening process and possibly guide us in the right direction?

I'm sure if varies, but I just want a range to help decide what to do.Land is in Pilsen.You are correct the price can definitely range quite a bit depending on the size, finishes, rough materials, location, etc. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

It's advisable to thoroughly document your application and screening procedures, ensuring consistency for every applicant.

Would diligently screening them limit the risks of tenants damaging the property?

It's a matter of preference but I have seen a lot of owner operators your size and bigger using Buildium.

You need to check for setbacks, frontage, lot size, elevations, and flood zones.