Quote from @Red Smith: Sheriff Sales are conducted by counties, so each county will have its own individual rule set for how the auction is conducted.

If the rules are violated and you were lazy-fare in addressing the violations, YOU become directly responsible legal and otherwise.  

Given that I'm not positioned to buy just yet, and simply running the numbers, is there a rule of thumb for estimating insurance costs that would make sense in Cook County?

This is very much a learning process for me 50% rule, 2% rule so on so forth.

Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

Dodging Toy Shop RulesIf you run a shop (have a license), you’ve got rules.

@Annie AnsonUnderstanding the STR rules can be overwhelming.

If you stick to the 1% rule you should be around that number.  

I’m flexible on financing (cash or financing) and open to different types of properties as long as the numbers make sense.What I’m Looking For:✅ Single-family & multi-family properties (1-4 units)✅ Fixer-uppers, distressed properties, or tear-down/new builds (if ARV justifies it)✅ Turnkey properties must meet the 1% rent rule✅ Strong cash flow potential (positive cash flow after mortgage, taxes, insurance, and expenses)✅ Located in A-C class neighborhoods✅ Top-rated school districts in your area✅ Low crime rate✅ Markets with population growth and a strong job market✅ Prefer areas with low property taxes (but flexible if the numbers work)If you’re an agent who specializes in investment properties and can bring me off-market or on-market deals that fit these criteria, let’s connect!

:Quote from @Jimmy Lieu:Have tons of examples of deals that hit the 1% rule and positive cash flow.