Most PM software allows late fees to be charged.Ours allows us to absorb the cost of tenants paying electronically thru the software - it usually wants to charge tenants, but we want them to pay electronically.We manually charge tenants a Processing Fee for mailing in their rent, a slightly lower Processing Fee for depositing to our bank.Your success will depend on the Class of your tenants.

Do to the state mandates that require 100% reserves in all categories, combined with the rising cost of their neighborhood insurance policy, my strong recommendation is you find out what further anticipated spikes in association dues & if any possible special assessments are looming.

Fixed Mortgage does come with closing costs and points upfront which the HELOC does not, except a $95 annual fee. 

Attorney’s Fees; Collection Related Costs; Jury Waiver.

I am putting in a link to something that may be help, a cost of living comparison calculator (https://www.bankrate.com/real-estate/cost-of-living-calculat...). 

Streamlining Renovations for Efficiency & Cost ControlManaging multiple renovation projects at once demands an operational efficiency that can be tough to achieve.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

I have little confidence in turnkey providers, deals are already hard to come by, if they take another 20% cut before.. much better to buy a property from an owner that is in good condition.

Originally posted by @Eddie Torres:@Natalie Kolodij Standard or foreign LLCs in California still cost $800 annually unfortunately.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.