A follow-up question: What resources do you use when examining a potential market area?

So he had the nerve to come after me.I was shocked and said "you bought insurance, didn't you?".

Because it feels like you have to secure a seller and buyer essentially at the same time, having those conversations and almost playing ping pong with both parties is NERVE-RACKING for me."

So any attempt to bargain sell to save taxes for the mom will result in a failed exchange if examined.2.

Make sure you account for unforeseen costs and emergencies in your budget.Property valuation: Examine recent comparable sales (comps) in the neighborhood to ascertain the duplex's fair market worth.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

I know that renting up your investment can be one of the most confusing and nerve-wracking parts of the process (especially in a place with as much bureaucracy and legal hurdles as Chicago) and am more than happy to talk with anyone about that.

Now, I'll be honest with you all – there's a healthy dose of nerves coursing through my veins as I step into this arena.

But where I am, I wouldn't do that unless I had an "attorney sit down" first and have him examine the documents and give advice. 

While such disparities can be due to a variety of causes, residents in these cities had economic tailwinds to help them through recent cost of living increases.To see where income increased most, SmartAsset examined Census Bureau data for 124 of the largest cities in the country and ranked them by the size of income changes between 2019 and 2021.