In other words, you would have already invested thousands prior to the auction just to research the properties and their titles.What is your recommendation because without doing a proper title search (which sometimes takes weeks and passes the auction date), how would you know if what you're buying is a good investment?

Everyone says to find properties and build a buyer's list, but neither matter if you can't calculate the repair costs and also get access to a friend or colleague who has MLS so you can do a proper and real ARV (the other part where all wholesalers fail).

If you received a portion of your nightly rate then perhaps agree to give her a cut.

I get the desire to own outside of Chicago proper, but instead of going to another state altogether, why not invest in one of the burbs?

Like Jake Baker suggested, keep good records and have a dedicated bank account for your property, properly separating personal and business expenses.

Now if it was definitely a single unit and only she could do it and it was properly labled it would be on her.

Those condos sell for around $2 million, but they rent for $400 a night.

Insurance is going to protect you financially from lawsuits, damages, total losses, and other scenarios we can't even begin to imagine until it actually happens.You'll want to have a broker you can work with and trust that will make sure you're properly protected in the event of a loss.

My smaller property averages $450 per stay (3 nights) and the cleaners charge $90, so they make more than a property manager would.

Learn the ins and outs of fit and finish, proper preparation, proper installation, rough in locations & MEP details... thinking 10 steps ahead on everything.