(Maybe the seller has a great interest rate, but you would have to pay twice that amount which wouldn't be profitable.)11) Crime in the neighborhood. 12) High turnover in tenants (raising your expenses.)

I have yet to have a guest ask for a refill or mention the quality (I tried to pick a nice-looking, not-too-expensive brand).Be careful with the scents -- I had a run of people pulling out and hiding the scents and one or two people complained that they were scent-sensitive in private notes. 

We're looking to transfer this into an LLC for liability purposes.From what I can tell, the best way to do this is to retitle the property, pay Chicago's expensive retitling tax, and set up an operating agreement, all of which likely requires a real estate lawyer (what $ base do we use on the tax, given we aren't selling it to ourselves, just transferring it?). 

You have to buy right, know where the market is headed, know ALL of your expenses and know what your various "outs" are before you commit to a property or you will lose your shirt.  

Those agents have their ego at the expense of the relationship, and there are such agents actively participating in this thread.

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.  

It is an expense, but they keep it all legal and compliant.

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

They cover the entire renovation expense.  

My rep was very clear with me that it is a beginner course and that they also offer a more expensive course for experienced wholesalers.