Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

Free option available too.    

The typical income from a free and clear rental would probably be $800-1500/month - and on a financed rental probably $300/month on a good day in today’s market.  

Feel free to shoot me a message if you think that I could be a resource.

Feel free to reach out if you’d like to talk about real estate or exchange ideas!

I've been a member of GAREIA for about a year and it's been fantastic - lot of people in that group that are experienced and excited to help the next gen investors.https://gareia.com/Feel free to PM me or reach out to contact info in bio - would be happy to help however I can! 

Feel free to reach out if you would like more information.

Interest income is interest income, unless you decided to roll some of the current cash into a self directed IRA at which point your interest income would be deferred for a later time and allow your funds to grow tax free.

Feel free to reach out if you have any questions.

House hacking in Chicago can be a game-changer—letting you live for free (or close to it) while building wealth through real estate.