@Mitch Price during due diligence make sure you know what renovations you are going to need and have a reserve allotted for potential work.

If you have said everything you need to say in less than the space allotted, don't worry.FIFTH, go back and re-read the application to make sure you are on the right track.

Though I have read allot about the headaches of this path and maybe this isn't the best for a first time homebuyer.

If actively managing a project like this it will be crucial to have people you can trust.Financing and time allotment: I see these as being related - if you are working full time then you will not be able to be super active in terms of managing things unless two things are true - A: you are a beast and have the requisite background to handle it, which I doubt based on what I'm reading, what I guess to be your age, and perhaps an assumption of your background. 

Peggy, for the record, there is usually an article that says the stock market will crash, (Every Year), and even if it does, smarter SM Investors usually just brace and go defensive in the market, they do not pull out like allot of people think.

Yes, the 50% expense allotment covers vacancies, operating expenses, AND capital reserves.So in this case, assume P&I = $340/mth, so1550*50%-$340 = $435/mth of cash flow.Your investment is probably around $23k w/ closing costs, so your cash on cash return = 435*12 divided by 23k = 22.7%.

Allot of landlords in Chicago offer paying for heating to attract tenants but if you stick to the areas where you get tenants who have good paying jobs they can afford to pay their own utilities.

But it would save al lot of time and a little money not to move the window.

I've yet to come across something so to the point.How much does this allot for HML fees, agent fees, other soft costs and profit?

I know, I know that seems like allot to ask for but I find myself after hard work and a little bit of luck I am at a place in my life where I can say I have accomplished that.