most of those areas listed don't appear to be either. and there's more screening of mortgage applicants now. people forget - it was the worst crash in 70 years. 

In my opinion if you're in Chicago, you would be making an enormous mistake to use a suburban lease...  

My agent and I are going out this afternoon for the 3rd time, just being patient and I want my first one to have a little extra padding for mistakes which I'm sure will occur.At what point in time do you recommend establishing a LLC?

I'm trying to follow the 2% rule, but it doesn't seem like it is possible in this market and even 1.5% is far fetched, the worst I would settle for would be $100/door/month.  

Want to avoid as many mistakes as possible as far as the leases go, although I'm sure i will make them!

We like to find the worst ones in decent lower middle income areas and reposition them.

I stumbled onto the world of multifamily investing by mistake and instantly knew that this is where I wanted to be.

Fortunately or unfortunately, depending on how you look at it, I had a large source of income and could afford to make mistakes.

Learning and mistakes go on forever so just make sure when you are ready to go.  

I have been lucky to not make any grave mistakes but I'm looking forward to having a better understanding going into my second property!