I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

Such deductions could result in substantial refunds, providing critical financial support during a challenging time.Residents may also explore disaster loans or grants offered by the Small Business Administration (SBA) to cover damages or losses.

It’s a great reminder to trust your own due diligence and not let others make critical decisions for you, like hiring a property manager.For future investments, building a trusted team and maintaining direct oversight is key, even with remote deals.

Local market knowledge is absolutely critical, and it helps to work with someone who really understands the landscape and its nuances.As others have mentioned, it’s a broad question that’s tough to answer succinctly, but I hope this provides some clarity!

Timing is critical.

The buyers had invested a lot into the deal (~$100M) and purchasing the property was critical to complete their development.

Friendship and business don’t always mix well, so it’s critical to use a solid lease and treat this as a business arrangement.

This will give you one critical piece of information, that it may take X days to get an offer and sell, and the second item will give you what your competition is right now.

Good call, Noel—licensing and insurance are critical, but in Tennessee, a contractor’s license is generally required for projects totaling $25,000 or more, including labor and materials (See Tennessee's licensing requirements).

Negotiating favorable terms is both an art and a science, and in real estate, it's a critical skill that can make or break a deal.