As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

This approach ensures you’re making decisions based on logic, not emotion.

Quote from @Stetson Oates: The vast majority of disputes are over security deposits and the most a landlord could lose is 3x the deposit amount.Slip-and-fall or other major lawsuits almost never happen.

That's more like a typical security deposit to rent an apartment, lol. 

From a credit perspective, house hacking also helps you build strong cash flow, which can make it easier to secure financing for future deals.Additionally, if you're targeting high-appreciation markets, you could also look into cash-out refinancing down the line to pull equity and fund additional investments.

I dont allow tenants to move in without first month rent and security deposit paid by cashier check .

my RE income from my rentals is semi-passive of course... so less active than W2 but more active than dividends or social security.

Living and working overseas can present unique challenges when it comes to securing financing, but there are definitely loan options designed for situations like yours.

or have you found various creative solutions to secure favorable terms?