I've collected thousands in security deposit from my guests who've caused damage.

In my area, if you own an investment propert/non owner occupied, you need to add it to a separate registry and file with the municipality in order to legally collect rent and have backing in case of eviction.

Free ACH rent collection on apartments.com and Rentmanager for the accounting elements.

Do you collect security deposit, sign a rental agreement, background check, etc?

Hey Patrick - we are targeting more sophisticated investors who will appreciate our approach to help them drive NOI margin and make informed buy/sell decisions.  

Are there tools (i.e RentRedi) that you recommend using for LTR tenant screening, rent collection, background checks, etc?

We let them invest in these homes with us by allowing them to buy a % when they collect/earn enough money.

With those kinds of rents ($5,800 between the 2), even with a 9% cap rate, in my opinion those properties should collectively appraise for nearly $500k.

Although in the last couple deals most have come out as 506C deals where only accredited investors are allowed, there are still 506B syndications where you can be a sophisticated investor (self proclaimed) so you don't have to be accredited.

Hi does anyone have experience with providing direct STR stays (so not through Airbnb or VRBO) and charging, collecting, and remitting the local Chicago hotel tax?