Read the contract...give whatever notice is required in writing, along with instructions to transfer security deposits to you; make no changes to existing rental agreements and do not initiate any new agreements; advise how you want outstanding invoices handled and utility or other accounts transferred.

Thank you in advance, and I hope you have an outstanding day! 

Is this specific to Chicago or nationwide?

That's a nationwide statistic and it's been like that for decades.

For Professional Owners of STRs which we define as having a successful STR in the same market (12-month history) or 3+ successful STRs nationwide, we will underwrite to the projections generated from AirDNA. 

Because of this, homeowner can sell At some point, if homeowner doesn't work something out with the lender, i.e. loan modification or pay off the outstanding loan balance in full, lender will ask the court ("file a motion") for authorization to put the property on the auction block.

I am hoping to build out a local team in that area, starting with an investor-friendly agent / commercial broker.Please DM me with any ideas on where to start or any leads.Thank you in advance, and I hope you have an outstanding day!

Congrats on the outstanding numbers for your first rental. 

Has the City/Town issued notice of outstanding violation?

We would prefer local, but also are open to larger nationwide lenders.