With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

A project like that will probably take 6 months to 1 year, so what's your expectation for future rents?

The property itself is a good deal, there's a lot wear and tear in apartment so will definitely need some serious renovation work, but mostly cosmetic.

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A great property manager will essentially work as a project manager and asset manager for you.

I'm currently renovating my rear unit and it has the perfect layout to split into 2 units by adding a wall and an additional front door.

You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses.

Local PM here - we have multiple development projects we are gearing up to sell, both small multifamily and townhouses should you want to take a peak at them.

To clarify, I didn’t invest in a “fund,” but rather purchased a note for a specific fix-and-flip project.

Hi all, we bought a STR in 2022 for 380k, renovated it for 200k in 2023, and rented it out in July, August, September of 2023 with an average stay of just under 6 days.