Even worse because you'll need to fork up the cash upfront instead of amortizing it with each monthly rent payment.Contractor Selection:  There should be a protocol for seeking a PM and getting proposals. 

I’m also in OC and getting started in OOS investing.I’ve gained a lot of knowledge reading other threads on what criteria new investors look for in selecting OOS markets.

Before you spend the $500+ on an inspection, radon test, etc. you should know how to "eyeball" a potential property and come up with a ballpark for essential repairs before making an offer.Almost all of my offers have an inspection contingency, so if you're serious enough about the property to spend on the inspection but it comes back looking extra awful, you can always cancel the contract.I would suggest that you keep the inspection contingency short, though, say 3-5 days, so the seller won't worry that you're trying to tie up their property forever.I've seen cases where sellers have selected lower "cash now, no contingencies" type offers over higher ones with long lists of contingencies, financing delays, etc.

When the “life tenant” passes away the property goes to a “remainderman” who was selected at the time the life estate was created.  

Why should I select you vs any other agent?

BUT, if you select a good property, get it in rental condition and get good management in place, you will have no problem renting it out to tenants.

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

If your application form asks applicants to disclose their criminal histories,  As of December 31, 2019, Cook County Must provide their tenant selection criteria along with the rental application to the tenant and landlords must approve conditionally based on their credit before requesting a criminal history and consider only the last three years of any convictions.The ordinance is a bit complicated and needs explanation. 

Selecting the market rent is key.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.