Curb appeal is very important, so I would definitely spend money on the exterior.

I know some will suggest hiring an accountant, and I am not opposed to that but I would still want to learn exactly what needs to be filed so that I can keep an eye on the accountant.

Making lemonade out of lemons is probably one of the best adages I can think of for learning to be creative and solving problems in real estateif there is a problem with a property or dimension issues you dont always have to go to a contractor to solve the problemcontractors have a certain mindsetand are operating on a specific paradaigmhere are some solutions I have done in the past that have really worked and paid dividendsi had an ejector pump in a bathroom and the space was covered by a makeshift door I decided to have a custom cabinet built that functioned as a trash receptacle and had shelves as well now the unsightly space is home to a beautiful custom cabinet that can be easily removed for servicing the pump when it needs it problem two I bought a house that had front of the shower enclosure removedrather than buy another shower enclosure cost 500.ooi opted to replace the front wall with backer board and tile the front and ended up with a beautiful custom look cost was cheaper than replacing shower enclosure and the look is twice as good problem threewhen i bought my house there was a hole knocked out one of the walls about the size of a  door i suppose thieves came in from the crawl space into this part of the house when it was vacantrather than close in the spacei enlarged the crawls space door poured a concrete floor and created a second exterior doorway to the space making the downstairs ready to become a legal apartment. 

The basics:Build in 19103 BR 1 bath in each unithardwood floors are OK, need to be refinished but definitely usableasbestos siding31 exterior windowsfront and back door access into stairwell/foyerneeds full electrical upgrade (still has fuse box)needs full plumbing installedneeds full hvac systemdoing all carpentry and renovations myself aside from electrical (may end up hiring out plumbing too if the inspector will not let my Professional Engineer father-in-law certify my work)I'm reading all that I can on BP to learn about what level of quality I should use in my purchases and renovations, but is there anything you wish someone told you when YOU began fixing up an old home you were going to rent out?

Well we had a storm today and I came by after to check and quickly discovered water had leaked inside the back exterior wall running down to the first floor where there is a lot of water in the kitchen and bathroom and bedroom.

If you don't like being a landlord or aren't good at land-lording, you now have 6 units, 6 tenants to deal with as opposed to one tenant in a house or 2 tenants in a duplex.2.

Another side bar is that we can get a feel for the exterior curb appeal.Glad to know that there are other investors who jog for dollars

In other words, at what point do sellers start getting nervous and become willing to go with your low offer as opposed to let it sit on the market a little longer. 6 weeks, 6 months, etc?

The fee often includes all exterior maintenance, landscaping, trash and (sometimes) water, so you can project pretty clearly what your yearly expenditure would be.

From everything I have read in terms of Chicago and security deposits I have personally decided to charge a non-refundable move in fee as opposed to a security deposit.