This includes transportation costs such as gas, airfare, rental car fees, and lodging expenses while away from home.

Hi Chris, When considering areas for real estate investment in Chicago, it's essential to evaluate various factors like market trends, development plans, and neighborhood dynamics.

All I pay is the transaction fee of 2-3%.All the best!

We aim for a target cap rate, say 6%, aligning with our investment strategy.Here's an example: if a property yields $1.2 million in income and costs $10 million, resulting in a 6% cap rate.Then there's the adjusted going-in cap, factoring in potential changes in income or expenses.

Look at your monthly payment (PITI = Principal,Interest, Taxes, Insurance) + HOA + (other maintenance fees if any) and if this amount is less than what you charge for rent (whether its Long, Mid, or Short Term rentals) and you are happy with the positive cash flow, then yes.Or maybe you're breaking even with the condo but you have  knowledge that the condo will explode in value due to some business/attraction/law/policy that will prop-up the sales price in the near future, then yes.Really, it boils down to what your goals are for this first investment.

Cost-Effectiveness: Considering their fees, is it cost-effective to hire a fiduciary financial advisor in the long run?

Yes, depreciation recapture has to be factored in on the sale of a home that was previously a rental.

Best to buy your next rental with cash to save yourself the $5k loan fees and 7.25% interest👍 

For the first property I did, I had someone in the building meet the deliverymen and paid them a small fee for their time.

One thing to consider, if there's a draw fee, that will be booked to the WIP account.