They can tell you minimum lot size, set back requirements, etc. and the procedure to follow if the lot is allowed to be subdivided.

As for the 203k loan, I don't have experience, but I've heard it can be very hard to find a contractor because of the strict guidelines in place.

I agree that over-improvement results in a too-long, pay-back period which erodes your returns, but it does not automatically follow that it increases your long-term maintenance and repair costs.You could take an old, draughty, Victorian building, tighten and insulate the building, replace all the windows and doors with more energy efficient fenestration, and improve the HVAC.  

I plan to follow up on it but wanted to get your thoughts also.

We will be settling in this area long-term, potentially forever.Our first world problem gives us the following options:1.

(I'm not happy about the ordinance, but it's a lot less strict than Denver's Airbnb law, so I guess we can savor that small win.)I think in your situation, the STRs are the real money makers, so keeping those going strong with good reviews is the priority.

I'm following along on this thread to see what others recommend, but have though of going out of the county to get more specialized real estate advice.

I would be a bit concerned about the area due to the low rents and price, but strictly based on the numbers it doesn't look bad.

I heard that self managing the rentals for a while helps build experience and truly understand what PM's face ,but I have no experience .I was hoping to use different services for the basic tenant management tasks ; I was wondering if anyone has any advice on the following:1>Rent collections - I am hoping there are services that can help me collect rent, call the tenant if late to remind them ,take some basic calls from them regarding rent collection .

Currently I own two single-family properties in Chicago and am following the buy and hold rental strategy.