You need a reserve to handle unexpected costs, particularly during the first 1-2 years of ownership and learning how to manage the property. 

I have used TurboTax and Taxcut, so I am looking for an accounting/property management software for Mac.Thanks in advance.

Be sure to factor in contingencies for unexpected costs during the rehab process and maintain a realistic cash reserve for property management and maintenance.

Will you hire a property manager?

I also managed to creatively acquire two apartment buildings with $0 down about 4 months ago, one of which currently has a water main Leak under the slab and two of the residents have been without water for over a week, but that's another story for another time... 

Sounds like you’ve got a solid foundation with your GC and project management experience.

These are always hard issues for managers. 

Let's talk,DanIve actually been looking into buying a condo myself as an investment, I have a few rules, needs to be with both good hoa management & relatively cheap fee (bellow $600 a month) needs to be in area where I’m not competing against other new construction apartments, needs to be an area where even townhomes are so expensive you are not competing, I.e. upper nw, nova, Bethesda etc. needs to be 1990’s or newer in most cases.

Next StepsContact 311 or the Chicago Department of Water Management to request a meter recheck or usage audit.If the new bills seem drastically off, request a review for billing errors or adjustments.Consider installing low-flow fixtures or monitoring usage with a smart meter device to ensure there’s no hidden waste.It’s frustrating, but you’re not alone in this!

They had carpeted the bedrooms and common areas, and the living room was still original wood...well I decided to pull up the old carpet and lo and behold - original wood in pristine condition.