I also like Oak Park, Forest Park, and River Forest however the barrier to entry is a bit higher in those neighborhoods.If that deal doesn't work on to the next one!

This is an extremely important point, because if there is no clear rules defined by each person, then it can be confusing and lead to anger or resentment between partners.

o Commercial loan, sort of - they are 30-year fixed DSCR loans with private national lenders.o We close in an entity/LLC 99% of the time - very rarely do we receive a request to close in someone's personal name.

And the bank will need a contact person for security reasons.  

If  your rule is not to rent to anyone with a prior eviction, this person would fall under that rule.  

It effects every aspect of the property and performance- the type of loans and insurance you need will change if you don't hold the property in your personal name. 

And what I am personally seeing the Market place today.Commercial bank/ community bank were you have significant deposit relationship and long term relation ship..   7 to 10% plus 1/2 to 1.5 points.. these are relationship and experience and capacity lenders..

All great responses to your question, and completely agree with everyone above.I have 2 properties in HOAs and the barrier to entry was substantially lower in my market than a single family home not in an HOA.

We have changed our language to state the the person renting must be at least 25 and MUST be present during the entire stay. 

These areas are all great and growing really fast, in my personal opinion.