. - if you're renting by the room vs renting the whole unit to a group of friends, have the following written into the leases: designated cabinets, designated fridge space, designated laundry days, overnight guest rule (and what's considered 'overnight'), + large gatherings rule.- remember that you'll be paying all utilities if you rent by the room, so factor that into what you charge for rent, and consider using remotely-controlled nest thermostats so they can't jack the heat up beyond what any normal person would pay for (if you're in a cold area). the same could be said for a home with central air in a warmer climate.- consider baking into the rest biweekly housekeeping, so that you know that the property is being kept up with (prevents pest issues), and you won't have to deal with any quarrels over who's cleaning the common areas more than who.- always have the parents co-sign the lease.- make a manual for them. what would your own kids be calling you about when they first move out on their own?

I am a determined to become a successful real estate investor with an understanding that success in real estate requires continuous learning and adaptation to the everchanging economic environment.In the upcoming months, I will be actively engaging in the formation of a strategic partnership with two to three like-minded individuals, pooling our resources, and vision to embark on a life-changing journey into the world of real estate investing.

That being said, House Hacking is such a great way to start and choosing a multi-unit is something I would have done if I can go back in time.Good news: Illinois is NOT a community property state, so getting married won't hold you back (if you want to put the mortgage in either of your names individually).Easy way for you to calculate what you'll be qualified for: (Gross monthly income) x (57% max FHA DTI Ratio) - (Minimum monthly debt payments that show up on your credit report) = Max Mortgage Payment you can "afford".

friend of a friend How did you finance this deal?

But a friend suggested buying more real estate to get more depreciation.

Be with like-minded individuals looking to invest in real Estate. good luck,Luis MMP  

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

I prefer to get referrals from investor-friendly real estate agents.

Hi everyone - I'm looking for an investor friendly attorney in the Chicagoland area who is familiar with assignment deals/closings.

You would need to make sure the individual has an NMLS license.