For either city I am open to long term rentals but would prefer if one unit could be used as a short term rental so that during my visits I can used it myself.Neighborhoods to consider for STR in Chicago Proper- Just about anywhere North of 290 except maybe Austin and West Garfield Park; Some good targets south of 290- Lower West Side; Bronzeville/Oakland; Bridgeport; Woodlawn (Near the University); Hyde Park (Needle in a Haystack); Kenwood (Needle in a Haystack); Grand Boulevard 

We have an investors meeting on the fourth Thursday of every month at Keiser University.

BTW, we love this market because we've got a major university a few blocks away, Fortune 500 employers in the area and other factors which drive constant rental demand.

Purchase price: $241,000 Cash invested: $80,000 Sale price: $542,000 Live and flip near a university town in California.

We also do build for rent in Murray Kentucky, close to Murray State University.

UNIVERSALLY is this:Know your numbers.

A fun fact about myself is that I am currently a senior at Vanguard University and I am a part of the baseball team.

Anyway I have two houses on contract to assign. 1 is a buy and hold in Rolla MO 2 miles from the university, the other is a fix and flip just 30 minutes north of Columbia Missouri. 

After the 2 year "has to stay primary residence clause" (which is met this coming Feb) this property would be my first rental in the area, and utilizing the cash out refi, would give me the money to move into my next property without any extra out of pocket money.I'll be sure to come back and update this for any newcomers that want to hear from beginners or are still in the "learning before you leap" mindset.I'll list the purchase info and criteria as well as the rental potential in the area and the cash out refi results below.Initial Purchase:3 bed / 1 bath / 1000sqft / 0.46acre / built in 1980 - Appraised at $140,000 in Johnson City, TN - Feb. 2020Credit Score at the time: 648 (This was a focus of mine as I had been repairing previously damaging years in my early 20's)Purchase Price: $132,000 using an FHA 30-year loan at 4.625% / Closing costs from me $4,666.63 / After all fees and closing starting mortgage amount was $129,609.00 / Monthly Principle, Interest, Escrow (Insurance, Property Tax, Mortgage Insurance) payment: $869.12Rental Potential:Johnson City TN is home to East Tennessee State University and close to Bristol TN for all you NASCAR and drag racing fans.

I was born and raised in Troy, MI and went to school at Michigan State University.