So keep an eye out for any major improvements needed in the first few years of your ownership (roofs, exteriors, HVAC, electrical rewiring, etc) Things to know before starting: Make sure you buy at a basis in-line or below market comps (on a per unit or rent multiple basis).

@Andrew SwaimConduct a thorough walkthrough of the entire property, inspecting every room, including closets, basements, attics, and exterior areas. 

Exterior accents are new windows, roof, and determined from sellers age and latest repairs it needs $150,000 of work. 

Hi All, quick question, I was thinking on get some temp cameras on my new rehab, as is an out-of-town investment 2 outside and 2 inside, the outside I will keep for the tenants after we rent, the inside is for the rehab process only.this will imply having internet in the house, I was thinking on offering internet with the rent as well, you think this will help on the rental, it will add security to the tenant and I will be able to see the exterior of the house, remember that I'm new on this so your help is highly appreciated.Internet cost is about $70.00 a month As always, thank you for your input !!  

Cloud, MN area have a recommendation for a good and fair exterior house painter?

Now a landlord (and architect), I wouldn't build out the space without the second stair since it really is a safety issue/liability (especially in case of a fire) if anything were to happen.Full excerpt of building code below:According to the Chicago building code on egress requirements, the third story above grade plane within a dwelling unit [which in this case is the duplex-up unit], all the following conditions must be met:1.) the building is equipped throughout with an automatic sprinkler system2.) the floor area of the story does not exceed 1600 sq ft3.) the dwelling unit has an exit that discharges directly to the exterior at the level of exit discharge.Your third story attic space is unlikely to exceed 1600 sq ft, but you'll probably find the sprinkler system to be cost-prohibitive.

Get steel reinforced deadbolts on all exterior doors4.

Add a bike room or covered bike storage on the property's exterior and charge $15 monthly for a spot.

(actually exterior first, also lawn, landscaping) You can pay for the materials using money from your HELOC.

White comes in 10000 shades, trim, floor, exterior, mood, room, available light all are part of paint choices.