I don't have knowledge of chicago local laws, but the building code would also require emergency egress openings for bedrooms which would likely be even larger than the ventilation rqmts. noted by @Tom Shallcross

I currently own 3xLTR in Virginia, but I'm new to STR and have a couple questions I'd really appreciate some insight on:- I've heard of landlords managing their own account via mostly automation programs/apps, but also hiring someone who works remotely for a very small fee to "manage" correspondence and emergencies as they may arise during a guest's stay.

What is a typical cash position that you should maintain as a landlord to have for repairs, emergency expenses, buying opportunities, renovations, etc?  

Plumber, Electrician, handyman, exterminator, etc.2. give your tenants a list of those contractors for emergency purposes. let them know you cannot answer the phone because of your job but they should text you and you will respond within a few hours. let your tenants know in an emergency they can contact the contractors directly but to text you and keep you in the loop. most emergencies will be plumbing - no heat, no hot water, leak.3. put cameras around the house and have an internet connection so you can monitor remotely.  

Just provide the Tenant with written instructions with accepted methods of payment, how to report maintenance, how to contact you for ordinary questions vs. emergencies, etc.

Seriously though,  It's important to have at least a few contacts that could step in for you in a emergency.

.:- Early termination: how to let them out of the lease if they wish to move out early- Pets: what will you allow and how you will treat violations)- Pests: how you will handle a pest infestation (if caused by the tenant or otherwise)- Smoking: how you will handle any smoking violations- Maintenance/repairs: how you will handle both standard and emergency maintenance requests. - Move out procedure: what exactly is required of the tenant upon move out (I suggest having them professionally clean the property as well as any carpet and provide you receipts for both.

I always let my phone go to voice mail.I also tell my tenants if it is an emergency and I don’t answer thephone, to leave me a message and I will call them right away.

Asking Price: $269k Renovation: $80k (added about 10%-15% onto my original numbers for emergency) ARV: $395k Working with a hard money lender to potentially get 90% of purchase price and 100% of the renovation covered, but I need a plan B if they say I don't have an established enough portfolio to lend.

Fairweather said regulators may be trying to get a handle on what could be an emerging bubble in the housing market."