Yes, the expense numbers are bogus - no maintenance, no management, no legal expenses, extremely low vacancy rate, etc, etc, etc.

Which in itself is not a bad thing, as that is an extremely important aspect of investingAs to what you can do in Chicago, well you can find mentors, more information on wholesaling, etc when you attend Local Clubs.

We have to give/sell/deed common property to other entities.Since these are older folk, they may really be interested in finally owning their own home, so they ca have the (under55 yo old) child come live with them to help and take care of them.

Also...if a sump pump were to be put in, would it absolutely need to be installed right where the problem seemed to originate (in the kitchen or bedroom...ugh) or could it be put in a less conspicuous area like the small common laundry room between the two apartments?

I have met once an enterprising young Japanese guy who has amassed a sizable fortune in rental apartment buildings, but certainly he was not the average and he worked extremely hard to get the financing while credit was loose.One source of cheaper houses are the government auctions.

I was claiming, and stand by the claim, that it would be an extremely rare rental where that was a profit on a monthly basis.Mike is correct that in the past when someone has said "my 'expenses' are lower than 50% of the scheduled rent", the claim has not stood up to scrutiny.

I would be extremely careful about the IE market.

Does anyone have any lease clauses that prohibit the use of plug in electric heaters and also I'm looking for a clause that puts a cap on the electric bill.I have a unit that is on the same meter as the common areas and furnaces so I have to pay the electric on it but the tenants have been abusing their "free" electric so I want to figure out how to put a cap to this.

I have watched friends that were in great financial situations loose their jobs because businesses where doing the same as your common consumer and are now either facing foreclosure or have already been foreclosed upon.

Is there a common seaoning time with most lenders or can it be done within the next month?