It seems like everyone is doing the standard rate and no one is challenging it. 

While there are undeniable challenges—higher interest rates, tighter lending conditions, and market uncertainty—there are also unique opportunities that can make real estate a very prudent choice if approached thoughtfully.

From reading other posts this year has been particularly challenging. 

They barely lasted in California (they are based on London).The challenge is (1) you are assuming all listings have open houses and (2) there are a lot of moving parts that can happen behind the scenes.

Rise to the soul challenge, Steve.

@Celine Besson there will be several challenges:1) Finding a Grate Property Management Company. - See our copy & paste advice at the bottom of this response.2) Managing the Renovation- Everyone thinks a PMC can easily do this. 

." - which to me indicates the same doubts that I have about the legality of the IRS position.Until the IRS is challenged in court over this position and loses, I choose to comply with their position.

Hi @Jacob Dalton,Thanks for sharing your situation—it’s clear you’ve put a lot of thought into this decision, and I can understand why you’re concerned given the challenges of being a landlord in Cook County.Screening tenants is definitely a key step, but I agree it’s not foolproof.

Isn't it unlikely that a homeowner who cant afford a 2-3k tax bill would even challenge this legally?

Challenges?