Network with other local investors and always have a solid emergency fund.2.

Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.

I also personally know students who have worked with Lee Arnold in my local area.

💪 Start by networking with local investors and wholesalers to find deals, build relationships with contractors and lenders, and analyze numbers relentlessly so you don’t overpay.Stay focused, take action, and don’t be afraid to learn as you go! 

You can find a lot of meetings on the MAREI calendar, both MAREI's meetings, local landlord group meetings and a few other meetings hosted by our members. 

The macroeconomics are on fire here - population growth, job growth, and companies moving and developing here. 

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

I use one of the most expensive snow removal companies in town for a 16-plex that has 240 linear feet of sidewalk and 10,000 square feet of parking lot.

You can always hire a different PM company.

I understand that it's unrealistic to expect anyone to treat your property with the same level of care you would, but the company we hired has been a NIGHTMARE.