Just a reply coming from my perspective based on the journey I've been on.Best of luck!

I am trying to learn and hear from other people with different perspectives for sure!

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.

We decided the cost was too high and it was not worth it from a financial or risk perspective.  

Some folks want a seat at the table and real control, while others prefer to be passive.. letting the sponsor do the heavy lifting.From what I read in The Economist, some markets (like Phoenix) are experiencing fresh pockets of growth in multifamily, so it’s definitely worth exploring if you’re eyeing future expansion.

COMBINED FROM BOTH DUPLEX SO ITS ALL ABOUT PERSPECTIVE YES THIS YEAR WAS HARD AND HEART BREAKING BUT ITS ALL ABOUT THE RESPONSE AFTER GETTING KNOCKED DOWN ! 

As time goes on, if you talk to enough people, you will understand who has valid perspectives.

@Harrison Jones  One of the major flaws in your perspective is that it is focused on cheap rent (driving rents down) not affordable housing.

For 10 years, every arriving party in my STR finds 1) a fresh bowl of fruit, 2) a local city magazine and a weekly periodical and 3) 2 bottles of wine (1 white, 1 red, 1st bottle is complimentary, envelope to pay for 2nd bottle).No great expense, but "wows" the guests every time. 

The insights shared by the Realtors, @Zeke Liston, @Jimmy Lieu, @Nathan Gesner, @Samuel Diouf, @Sam McCormack, @Min Zhang provide a solid foundation for anyone starting out in this industry.From a property management perspective, it's great to see you're considering the long-term rental strategy.