with the correct information about tenant/landlord law.

brian, you are correct... i paid cash for that house. i had to since it had no plumbing and i could have never gotten a standard mortgage.i was thinking to leverage that house, get a 80k mortgage, obtain a ~$400 payment (at 4%) and use the 80k to get another house cashflowing around $500 so that it can pay for this one.this one, i use one to get another house...

We are trying to get all the facts and forms correct with this process, while abiding by Illinois state laws.

Finally, Will is correct, it is a JOB, and treating it differently will most likely result in failure.

Yes Matt, you're correct.

Correct?

My instincts on my first two tenants based on conversation alone was correct, but I still get an application to verify past residences and work history.

(correct me if wrong).  

One thing to keep in mind is when the economy is in a slump these areas get hit the hardest due to most of the properties being vacation homes or second homes or rentals.People tend to hang on to their primary homes and let the others go so these resort type homes have higher foreclosure rates etc.just food for thought.

To add to what Karen correctly mentions, there are many new Federal laws, including those created by the Dodd Frank and S.A.F.E.You will not sleep at night once you begin to realize all the pitfalls, rules, and regulations.