I sent the $2000 cleanup bill to the tenant for negligence and she is refusing to pay claiming that my homeowners insurance should cover "old pipes." 

60618 seems to be a very stable and appreciating market for mid to higher end homes.

That's gross rents, you need to account for real expenses, like taxes, insurance, PM fees (ours is 9%), etc.

We are hoping Real estate investing will allow our family to transition out of the military to a financially stable future for our 3 children.

Did the new owner purchase title insurance?

Does having an L.L.C. generally result in higher property tax and insurance?

This also results in a discount on my yearly home insurance. 

Hey Folks, anyone in here knows the answer to this situation:If you buy a vacation home and the appropriate insurance for it at closing and then the insurance company inspector comes and views your house after a month or so and it is vacant as expected - then things check out, but if they see tenants living in the house - then the owner of the house has to change the vacation home insurance policy to a renters insurance policy?

We stay with our borrowers through out every step of the commercial lending process to ensure the loan closes properly and in a timely fashion. 11 Capital Finance personally handles all title insurance issues, property insurance issues and does all of the coordinating with every party involved in the transaction for our clients.

You still have 10% property management, 10% repairs, 10% capex, taxes, insurance, etc.