Knowledge is power. 

I am looking to build a portfolio of cash-flowing properties to achieve financial freedom.

Our goal is simple, to build streams of passive income that allow us financial freedom.

Unbeknownst to us, one of the tenants went to the electric company that day and turned off the power.

@Nathan G.Where do I start with the great state of Illinois where we have our own wing in the prisons for previous governors.Regulating Rental Licensing Programs where the cities are non-home rule communities and don’t have the power to charge a fee.  

We're getting paid nicely, but they have created many nuisance violations, overheat the place to 80 degrees by using space heaters, even though there is perfectly adequate and working gas baseboard hot water heat, thus blowing circuits in a 120 yr old multi building, and calling us in the middle of the night to come reset a breaker because they don't have power in part of the unit, for having overloaded the circuit with space heaters. 

"I invest in properties and working my way to financial freedom"Not everyone I've talked to is interested but the ones who are end of giving me tips or say they will let me know when something comes their way.Just today I told someone at work what I was doing.  

DPOR only has the power to sanction licensees, so what can they really do to you other than ask the state to peruse criminal charges.

@Joe Villeneuve I am not arguing with the power of leverage. 

We are now one week into the rehab as I type this.Current BRRR Numbers:Pre-closing Costs: $2,740Plumbing inspection (because the house needed to be dewinterized, $150)Home inspection ($525)Appraisal ($655)Electrical inspection (because power was off on the day of the appraisal, $150)CO and Smoke Alarm ($366.57)CO and Smoke inspection ($52.50)Rehab consultant ($840)Kitchen Appliances: $2,000 (estimated)Plumbing: $7,300 (estimated)Oil tank ($1,800)Water heater ($1,000)Chimney liner ($2,000)Re-piping as needed ($2,500)General Contractor: $32,000Roof replacementDrywall patching and painting of entire house (trim, wall, ceilings)2nd floor bathroom spruce-upClosing exterior door in master bedroom and finish sidingBuilding two closets in two bedroomsBroken window repairsWindow frame repairsScrape and paint area over bulkheadFinish floorsRemove and dispose drywall from basement spacesRear deck repairFront steps repairInstall handrail to basementFoundation masonry repair and paintingRepair cement stepPatch area of exterior trim near kitchenPatch two rotted window sillsCap extra basement doorFill in dining room windowAsbestos: $1,500Electrical: $2,000 (estimated)Closing Costs: $3,733Home Purchase Price: $149,000Total All In: $200,472Expected ARV = $250,000 (initial appraisal for rehab loan came in at $235,000)Amount I have invested in the deal = $50,000Expected Cash Out at 80% = $50,000The situation is still very fluid, as we still have at least three more weeks of the rehab in front of us, but the numbers thus far are still looking promising, despite all of the surprises.