As others have mentioned, having a good ballpark estimate of rehab costs before closing is also smart, and likely required if using a hard money lender. 

Operating an Airbnb business requires being up to date on current local ordinances and restrictions.

Is there a minimum balance required to avoid fees?

Of course, this requires professionalism on our part, but it also holds them to that standard.  

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

Hello, can any Chicago lawyers or property managers shed more light on the new flood disclosure requirements on the RLTO?

Hi Allen, there are plenty of hard money/private money lenders here on BP, just take your time and speak with several of them to understand all the fees and requirements.

You would need to submit a material list to a local supply house, usually they require you to open an account and they ask for a TIN for a line of credit.

Understand Their Process – Clarify loan requirements, turnaround time, and potential challenges before moving forward.

There may be strategies that require a little more blocking and tackling, but the price, location, and amenities of your property is what is going to attract your target guest.