Here are the key points:- First-time homebuyer: You qualify if you (and your spouse, if applicable) haven’t owned a home in the past two years.- Lifetime limit: The $10,000 is a lifetime limit, meaning you can only use it once for this purpose.- Taxes: While the 10% penalty is waived, the withdrawn amount will still be subject to regular income taxes.This can be a useful way to access funds for a home purchase, but keep in mind the tax implications and the potential impact on your retirement savings.

Starting small and gaining experience is key!

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.

A key aspect that, annoyingly, the "cash-flow crowd" seems to skip past all but religiously. 

Given everything you've shared, one key thing to consider is flexibility.

Demand termination of the contract and transfer all documents, funds, keys, and anything else they have to you or the new PM no later than [DATE].

I think the key in that case was that the property was the last one needed in a large development of a group of blighted small MF buildings that were to be torn down and redeveloped.

The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

Since the payment was deposited into your account on 1/6/2025, it would typically be considered income for 2025, even though the tenant paid it on 12/31/2024.However, if you use cash-basis accounting (which most landlords do), the key factor is when you physically receive the money, not when it was sent or owed.

That’s a great question, and identifying the right target audience is key to maximizing bookings and optimizing your listing.