I plan to negotiate the rent and I want to present my proposal to show how I’ll manage the property responsibly.

The challenges in real estate teach you invaluable lessons that you might not gain otherwise.I also invest in Chicago, so I have a few thoughts in response to the questions you raised.

Unlike real estate sales, rents are not public knowledge and do not have to be recorded, and they do not have to be accurate. 

Look for undervalued properties.Network: Connect with local real estate agents, contractors, and other investors for insights and deals.Analyze Properties: Use the 1% rule to evaluate potential properties (monthly rent should be at least 1% of the total investment).Secure Financing: Explore different financing options like conventional loans, hard money loans, or private lenders.As for timing, if you can handle the extra responsibility, starting now could give you a head start.

Randy, thanks for your response. 

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

I am only familiar with the contract in my state but items seller agrees to do based on inspection findings are their responsibility unless spelled out differently.  

Unfortunately, the previous owner (who was also a licensed agent) didn’t accurately represent the tenant situation.

Obviously, two factors are responsible for what will likely be more than doubling our money in 3 years.  1.

Additionally, I mentioned that I had sent them a small holiday gift card as a token of appreciation (which I send to all of my tenants) and wished their family a peaceful and warm holiday season.Your insights helped me craft a response that balanced kindness with maintaining boundaries, and I truly appreciate it.