Obviously this system is not perfect but it is a good speed bump for a new investor.

While the condo we were currently living in we could rent.Went through the loan process, dealt with slow attorneys, delays with oil tank removal and as of July 23rd we are the proud owners of a single family home in Peapack, NJ.The condo in Bedminster:$2,100/month - 2 bed, 1 bath - was rented to the first prospective tenant to come along, (after vetting and all the checks done)   She will move into the property on July 29.I know there are probably some gaps in my description -- am happy to help answer questions but just wanted to put out there that the 90 Challenge worked for me by creating a support system and guidelines to achieve my first rental property.   

Otherwise, as has been mentioned, your best bet is probably RUBS- Ratio Utility Billing System, whereas you would bill back the tenants for gas bills. 

Totally agree about the access to CTA lines--one of the greatest benefits of living in the city--having a world class, reliable public transportation system at our disposal. 

It is about a system.

I think most people don't understand that our system is called capitalism, and not "employee-ism" for a reason! 

Be sure to get your own estimate for the repairs, comp the property yourself using a system with real numbers.

You can also consider other ideas like buying a high quality air filtration system or suggesting to the tenant that he consume edibles instead of smoking it.

Without a cost segregation study, you would depreciate the $12M over a 39 year period, $307,692 per year.Within this office building, you have assets such as paved parking, specialty electrical, finishes, carpeting, landscaping, sidewalks, office furniture, electrical systems, plumbing systems, etc.

Also research the water system if you are supplying water from a well.