When was your last inspection?

Nothing will piss off the inspector faster than missing an inspection.My last piece of advice, in an effort to not make this a book length post, deals with the money.

They are the last person who should know you are taking over a loan subject to, make sure you let the sellers know and are crystal clear.

@Jacob Dalton - I have been a landlord in Chicago for 13 years and as an investor agent I have worked with 200+ investors on the north side of Chicago over the last 10 years. 

Lastly, always keep your job and build your employment foundation because that keeps you income relevant and lendable.Hey thanks for your reply!

You are taking a chance with every tenant and you hope they are not trashing your house and you don't have an eviction.If your condo did not appreciate it over the last 6 (unicorn!!) 

For example, they have not sent us the rent they owned us for the last three months, and here is paperwork to show it is not in our account, here is the contract with them stating they would pay on this day each month, and here is the title of the house in my LLC/name to show you we own the property too.

Consider the "2 of the last 5 year rule" to avoid capital gains.

We used The Real Estate CPA last year and were pretty displeased.

As an investor you want to really do your research on comps for the last 12 months.