See the illustration below.In a declining market, the current rent reflects property prices from 2 to 10 years ago and they are likely to be relatively high compared to areas with appreciation.

You would be better off, IMO, if you at least had a plat survey and used that for a before & after so that a person in the Zoning Department could see an illustration of what you are trying to do.

I say all this to illustrate that its nice to be proactive in adding to your team, but dont let not having a fully fleshed out team prohibit you from taking action!

@Heath Thomas Jr well that illustrates a small, but practical reason of why it is important to use an agent who knows what they are doing.

8,400/.07=$120,000 This is a bit over simplified as its really not looking at remodel work you'd likely want to do and other expenses, but I'm illustrating why investors care about upside in rents.

There are a ton of ways to manage risk, but to illustrate I will share my favorite method below (not saying this is the only way to go, just trying to illustrate):Buy a distressed property (that doesn't qualify for financing) for all cash.

I am a freelance illustrator living and working in Louisville Kentucky.

We did meet with one attorney and I would like to illustrate why it's important that the legal information comes from an investor specific attorney.

I agree with the move in fee and not handling security deposits.The following article illustrates the point as well as the point to treat your tenants well, especially in Chicago!

Here is a fictitious scenario to illustrate my question.