We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.The building is in Illinois. 

Just because someone has a real estate license doesn't mean they know how to properly screen.I'm surprised dual representation is even allowed.

I am not against taking money from 401K for real estate as long as my rate of return in real estate is higher.

Hiring a bookkeeper to watch the income/expenses is like hiring a gardener to tell you how many roof shingles are laying on the ground after a wind storm instead of hiring a roofer to repair the roof.I recommend that you look for a quality property manager who can maintain the properties and help with the bookkeeping.Start by going to www.narpm.org to search their directory of managers.

They are always after work and you will start to learn, face-to-face, how others do it.

Hello anyone and everyone, I am new to the real estate scene but I have been reading books and learning through podcasts for the past year in my free time.

Nevertheless, while I'm biased since I live in ATL and am a real estate agent, I concur with you regarding long-term growth. 

I am concerned about theft during and after renovation so a policy that can cover that would be of utmost importance. 

You came to the right place to learn all about real estate investing!

Now years later, I rarely, if ever, buy real estate from the MLS because of those connections I made.