Quote from @Geoffrey Paugam: I suspect there are many managers there, but maybe not any good ones?

.- I would highly suggest you plan on using a property management company.

Having local family gave me a built-in support system, market familiarity, and the confidence to manage a property from a distance if needed.

@Lindsey Matejak we manage a lot of apartments in Berwyn and Cicero where the 2023 flooding happened.

I have 0 experience managing STR properties, but lots of experience using Airbnb from my travels 😅 I am halfway reading Avery Carl’s book on STR.

When you say a live revenue manager, what do you mean by that? 

I have 0 experience managing STR properties, but lots of experience using Airbnb from my travels 😅 I am halfway reading Avery Carl’s book on STR.

Purchase price: $250,000 Cash invested: $14,000 I purchased and managed a rental property in Chicago, focusing on strategic improvements and tenant satisfaction to increase both its value and profitability.

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

My excess cash flow per year is around $300k in cash, meaning theoretically I could do 6 deals, but in order to make that salary (HHI $722k) I need someone with the time to do the repairs and manage the tenants.