A good accountant can determine how to account for the 70k received in the best tax advantaged way that makes sense for the transaction.

As always, DYOR (Do Your Own Research) The area has a mix of stable, long-term residents and rental demand—especially with Section 8 tenants—but it does vary block-by-block.Key things to consider are Rental Demand, Property Condition and Management (a local property manager can help navigate tenant screening and city requirements)It’s not as bad as the headlines make it seem, but success here depends on buying right and the right property manager.

I am also trying to see what other investors there are in Chicago and how they have found success.

Congrats on taking the leap and your success so far!

There are plenty of people looking to deploy cash into real estate but don’t have the knowledge or bandwidth to run a successful flip or BRRRR.

You also do not want to be too cheap and leave money on the table.If you do all of that you will be well on your way to being successful.  

I’m all ears—both success stories and lessons learned are incredibly valuable.Ultimately, I’m here to learn, share ideas, and connect with like-minded individuals who are passionate about real estate.

With that being said having your team in place is the biggest stepping block to having success in the real estate world. 

Many successful investors started small, such as with house hacking or buying affordable properties to rent out.

As such, your success will come from knowing the nuances of the market and where you can drive value/achieve strong returns.