I have a potential opportunity that I'd like to run past the brilliant minds of BP....I'm a sub to/wrap virgin, so be gentle.Seller is a friend and purchased this townhome direct from landlord in May of 2022 for $206,000(200,000+6k in closing costs).

Choose your investments based on their growth potential and their risk.

Your earning potential of $23/hr in Illinois can still provide opportunities for real estate investing.

Oftentimes when municipalities ban STRs they will grandfather in existing operators, but if you are mid build when they do that you’re screwed  Once you’ve identified a list of “safe” markets, compare them on Airdna to see where you can likely charge the most (I’m assuming building costs will be more or less similar, so you might as well pick the area where you can earn more revenue)Also, in this market you may be able to pick up land with seller financing instead of having to buy in cash or traditional financing … potentially low or no money down, and won’t affect your personal DTI.

The main things of not being local is finding a good property manager that handles the day to day and maintenance but most of all screening of potential tenants.

great insight. i suppose i was focused on the positives of continuity but didnt consider any potential issues or large market swings. thank you!

You have to be prepared to really push yourself to extract the maximum potential value. 

I am very interested in doing creative financing with a potential buyer.

Are there specific questions or criteria I should use when interviewing potential law firms to ensure they won't be as detached and unreliable as my current firm?

By partnering with other investors, you can leverage their knowledge, resources, and experiences to help you achieve your financial goals more efficiently.Here are a few potential benefits of partnering with others:Increased Capital: Partnering allows you to pool financial resources, giving you a stronger position to pursue larger investments and potentially increase your positive cash flow.Shared Expertise: Collaborating with experienced investors who have achieved similar goals can provide valuable guidance and insights.