If you have specific questions about property management, I'll be happy to help!

I'm ready to sign an offer to purchase on a property that has water in the basement/foundation cracks. 

How much return would you need to purchase and hold my property, while I lease it from you with a 5 yr option?

As you mentioned, an agent is one of the four but you also want to focus on curating trusted relationships with a contractor, PM, and lender (espeically one who can help start to finish with the purchase/rehab and refinance).

Evictions are easier than in some other states.What specifically did your tenant say?

Let's say you want to stay conservative and only take 50% LTV, or $500,000.00, so that you don't have to sell anything in case of a market correction and there's a margin call.Step 2:  Purchase a rental property, all-cash, with that $500,000. 

I talked about the first purchase in bigger Pockets Podcast #82. 

@Paul De Luca and/or @Jonathan Klemm - would you be willing to share your Chicago-specific lease agreements or what language you use in your leases for the early termination so we can incorporate that into our future leases?

For conventional loan amounts on primary purchases with 5-10% down and even FHA eligibility, but I'd imagine the properties that qualify are more specific?

Purchase price $240,000, rehab of $40,000, probably worth 320000 after rehab.