Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.

In addition, the company that they recommend we work with, Prime, helped me set up my companies and though I repeatedly asked them if there were any differences in how it was set up because I was a Canadian, I was told that the way they suggested I do it was the right way.

Quote from @Kyle Schachsieck: Thank you all for the information and additional resources!

Additionally, there’s always a risk that any pet-related damages could be hidden under furniture or otherwise concealed, potentially leaving us to cover the costs if the security deposit is fully depleted by other expenses (e.g., damages or unpaid rent).

- Are there any resources / you tube vidoes/ or additional BP Videos I should be looking at- If anyone is so kind, would anyone be able to give me a tutoring lesson for any hour, and if so, I am willing to throw a little money for their time.

In addition due to prop 13, the tax base is a fraction of if it sold today.   

While I can contribute some capital and sweat equity, I’ll need a partner to bring in additional funds to close the deal.Here’s where I could really use your advice:1.

Budget Wisely:Make sure your budget accounts for the purchase price, the cost of the renovations, and any additional charges involved in flipping a house.

Additionally, some syndicators are mostly in the middle-person role of sorts; partnering with others who do the primary LOI/PSA/operation roles.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.