Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

It also gives you stability in the event of market downturns or unexpected expenses, allowing you to lower rents if needed without feeling financial pressure.The alternative leveraging more with 20% down—would allow you to acquire properties more quickly, accelerating your cash flow goal.

Also, if your unit was not previously listed within the year at a specific rate, you may definitely be able to list your unit at what the market is currently.

You can find both and you can reduce the commission but you may need to do more work.More specific on your questions about price, that is also negotiable.

My question is around property insurance and specifically what are everyones MUST HAVE COVERAGES. 

Does that operational aspect have to devour all cash-flow, no not necessarily but it could, all depending on situation specifics right. 

Fractional TICs give owners the financial independence that has been associated with condos, without the need to wait for a condo conversion, a process which can take anywhere from 2 to 10 years depending on the specific requirements for the subject property.

Big welcome.. do you have a specific neighborhood in mind, or are you still exploring?

You didn’t mention the property or deal specifics, but for many deals in the recent years, there have been amazing and unusual gains due to multiple unnatural circumstances.

•Are there any specific neighborhoods or zip codes to target or avoid?