Here are the numbers:3 bed, 1.5 bath - 2-story, 1152sflist price: $180k, purchase price: escalated to $200k (comps at $215k+ in same neighborhood)downpayment (20%): 40kclosing costs: 6,500repairs: 3,500mortgage/insur/tax/hoa: 1,335Rent: 1,775 + 50 pet feeCashflow: 490* (repairs/vacancy/cap ex fully funded for year 1 out of purchase commission, then use profits when needed for year 2+)CoCr: 11.76%

You should have a strict no-pet policy (unless a service animal with paperwork), or accept pets with a security deposit amount.

Rental income can be anywhere from 50%-150% more than what you'd earn as an LTR, depending on your design, location, whether or not you have an in-unit washer/dryer (uncommon in older highrises), proximity to the El train, and complimentary (or easily available in-building) parking along with being pet friendly.This said, the biggest hurdle with highrises in addition to HOAs (which can go up and/or CHANGE at ANY time) is the rental restrictions.

Always ask if they have any animals (not pets).

For a vacant unit, I require a full month's rent and security deposit (and water deposit and pet fees if applicable) up front in cash or by a cashiers check on a local bank.

We get to lay blame on other "oh, sorry, can't have 4 pet's sorry, wish I could help, out of my hands, HOA rules, I have to evict you if you did that, sorry"! 

Sometimes things like water damage and pet damage require replacing sections of the floor and you can piece those in without doing the whole floor with varing results. 

In addition, anyone that has carpet has to worry about pets.  

You can't ask - the tenant needs to request a 'reasonable modification' defined as " • You request to bring your service animal into a building with a “no-pets” policy.

If you are accepting pets you need to be very cautious to verify what kind of animal they actually have -- a lot of people will tell lies to get undesirable pets into units.