Phase #1 - Recovery  - characterized by high vacancy rates and no new construction- rent, during this phase, is flat or declining- owners offer rent concessions to avoid their property occupancy rate from  decliningPhase #2 - Expansions- characterized by declining vacancy and the start of new construction- occupancy improves, concessions are not being offered, and rental rates being to growPhase #3 - Hyper Supply - characterized by new construction and vacancy rates beginning to rise - rental rates begin to grow at a slow rate- rent concession are being offerred due to the new construction in the area [in the hope of retaining current renters]Phase #4 - Recession - characterized by the completion of construction and a decline in occupancy rates - concessions are abundant to avoid high move-out rates Here are some foundational truths about optimizing your investments:#1 sow seeds of success in the down times - "The season of failure is the best time for sowing seeds of success."

. - Many of the Renter's Insurance policies do offer limited damage protection to owner, so it may be a good business decision for an owner to pay while tenant being evicted.Property managers CANNOT get liability insurance on a property they have no ownership interest in.

Just because Zillow estimates a lower value, doesn't mean people will offer lower than the list price.Also, be careful about the laws with the association and renters.

The killer for us and why we did not look at any leased land cabin is the no renters.  

Some of my favorites are Portage Park, Avondale, Logan Square, Humboldt Park, Albany Park, Irving Park, the south parts of Rogers Park that boarder Edgewater/Andersonville which are getting high income renter pushover.

Great property, renter renewed a 2 year lease.

I saw your clarification about it being renter occupied from the get go so as long as you notify your insurance company that you did a quit claim deed from your individual name to an LLC you shouldn't have a problem since it was written correctly from the beginning (as a DP3 - Property rented to others). 

As a professional management company we have a 10-Day or Quit Notice for late renters.

You pay off the 135k loan and take back your 14k plus closing and holding costs - 20k and you are left with about 6k that is cash in your pocket.So now you are +6k, and you have a renter in there paying your mortgage and putting a couple hundred per month in your pocket and you used 0 of the 150k to do it, or I should say you left 0 in the project.You wanna create a funnel, an environment where you can get 3x - 5x of these done every year, and if you holding look for the 2 - 4s buildings. 

It lacks good standards for entry and results in a lot of noise from potential renters and messenger I not something I normally look at.