If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

.- Now helping other investors achieve their goals, whether you are brand new or a well seasoned investor.How I Can Help: -Connecting investors with trusted contractors, lenders, attorneys, property managers etc.

You need a reserve to handle unexpected costs, particularly during the first 1-2 years of ownership and learning how to manage the property. 

I have used TurboTax and Taxcut, so I am looking for an accounting/property management software for Mac.Thanks in advance.

I'm located two hours west of Indy.

Unit was rented by some one who was the manager for a about a year and then gave over managing to me.

Be sure to factor in contingencies for unexpected costs during the rehab process and maintain a realistic cash reserve for property management and maintenance.

There are online platforms like Rentable.com that will handle opening the correct accounts / all compliance tasks related to managing deposits 

Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

These are always hard issues for managers.