I want some insight on the action items we need to do to know a good amount needed to start.... we are new and want to get in real estate for long term help for our family.

I received incredible advice on my last post and completed a series of case studies in the SF Bay Area.I wanted to dive deeper into the community's recent experiences about renovation items with stronger ROIs and appeal to end buyers.

**Proactive Steps**: - **Prepare for Inspection**: Ensure the property is in excellent condition, with all necessary safety items in place (e.g., smoke detectors, proper handrails).

It's got the Midwestern friendliness but with more energy and diversity than you might expect.

Furthermore, I conducted a research on the company and discovered that their representatives have diverse accents, possibility due to their focus on the European market.

I have worked with many lenders that will give you the run around, ask for more items, with no clear cut guidelines. 

To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.

Here’s a breakdown to help you navigate your first deal, incorporating advanced strategies, including 1031 exchanges, to attract a broader range of investors.Neighborhood Recommendations: Chicago offers a diverse range of neighborhoods for different investment goals:Wicker Park & West Town: These areas are known for their strong rental demand among young professionals and offer good potential for cash flow.Lake View: Ideal for attracting tenants who want to be close to downtown while enjoying local amenities.The Loop: A prime location for high-income renters, making it an attractive option if you’re planning to house hack and generate a steady stream of rental income.Property Types: Opt for properties that align with your investment goals.

I'm sure I'm missing items, but in a word, yes, this would be useful.  

You'll need to provide the essentials without going overboard on luxury items.