You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property. 

There's also something that I've noticed.

It’s definitely exciting to see suburban Chicago getting recognition as a hot rental market—it’s something I’ve noticed in my own experience as well.

There are those who say they will mentor for free and "free" doesn't get you what you are looking for.Does your son have the capacity to pay off the loan entirely with 30 days notice?

@Rennell Goudeau Hi Rennell, send me a private message and we can connect.

Give your current PM written notice of the violations.

If this is not something you're interested in delving into and learning to a high degree, then investing in publicly traded REITs would be another good option for you, which have historically returned about 13.5 per cent Per year over the past 50 years (1977-present), beating the US stock market by two per cent and even beating private real estate investing by 4 per cent (that's compared with the average real estate investor, not the experts here at Bigger Pockets).

He took a hard look at his portfolio and noticed a few underperforming properties.

For instance, in places like Austin or Chicago, I’ve noticed similar deals pay off when you have the right property management systems dialed in.

@Hai Le - Usually you have to provide written notice / 30 day notice if you decide to not renew their lease or even just asking a tenant to leave.