Hey @Jacob Munson, so you listed the basics just to get the house.You have plan to outfit the place like @Alex F. said.

The plan is to put it up for rent for ~3000$ which is lower than other places in the area.

I think to better answer this question for your specific situation, I would like to know where you'd plan to live and the cost you'd acquire monthly for your new living expenses.

All of Chicago is not falling to pieces with crime.I'm happy to connect, understand your goals, and see if we can add value to your plans.

Are you planning to visit the sight often?

@Marcus Robert Depends on what your plans are.

We do not have the BRRRR Bootcamp planned for the Summer, but may have it again for the Fall Bootcamps.

Was looking for some better ideas for tax planning, and saw this one, but then wondering now how much money I need bring to table.I also have another house I could sell, and maybe 1031 exchange with like 300k equity in it, so not sure if that would help.

He's here this weekend for actually two days: Friday p.m. from 3 to 6 he'll be talking about using QuickBooks in your REI business and Saturday from 9am to 5pm he'll be talking about building your entity structures for tax advantage, asset protection and estate planning, including how to pay your minor children without also having to pay SUTA, FUTA, FICA, etc. for them.I can't do this justice not being a legal / financial professional, but from what I remember, you DO NOT WANT to pay them out of an S-Corp or an LLC.

We do have room to add another half bath which I plan to add before doing renting it out.