Going to do one-off LLCs and plan to manage/live in the properties until they are up to snuff.Progress the last 3 weeks:Starting to build a relationship with a contractor who comes from a trusted-friendThey focus on redevs in Chicago - condos and MFsConnected with 2-MF brokers in ChicagoNow have direct access to MLSAlso obtained  access to foreclosure, bankruptcy, probate, and mortgage data in Chicago thanks to a friend in the industryConnected with an inspector who has 20+ years of experience in ChicagoConnected with a developer in Pilsen, who we may be partnering with on deals he doesn't have the $$$/risk appetite forAs of now, we are building the team and vetting off-market properties and a number of properties on the Southside.

In all that time, squirreling away my excess cash in a savings account, I could have instead put that money to work for me!

I can rent each unit out for 950 producing gross rents of 2850 leaving me with an excess of $350/month.

People get tripped up with the 14k exclusion number as if a gift in excess of that amount triggers a tax liability.

Also, with me living there, I am pretty confident that things would rarely get “out of hand” or that my tenants would cause excessive damage/wear to the property.

Is there an excessive amount of investors in this area too? 

I'm not saying when people say they are buying x more in 2 months or 2018 is bad but we don't know their investment and exit strategy and more over their risk appetite.  

So, you would expect the economy to soften first before you see an impact to real estate, ignoring excessive speculation in the market.Since the economy has yet to break 2% in inflation, the Fed is likely to go slow on balance sheet easing or Fed rate hikes.There are a few things to look at with real estate: new construction starts, property supply and demand, rent demand, and a few others, Right now, the new starts have yet to recover.

Please bring your pet into the appropriate areas and NOT into any common areas, when they need to go to the bathroom.3.Tenants with dog(s) shall not allow any disturbances to neighboring tenants form barking or excessive noise.

For example, if mortgage + tax + ins is $1,000/mo the lender would want me to have ______ in excess of the down payment.