Hey Steve, nice to meet you and thanks for the perspective!

Will County is pretty easy going and still allows romex electrical, Dupage County is pretty good to work with but has a few odd requirements that others don't (like requiring you to upgrade your electrical service to a 200A regardless of the size of the home), and Cook County can be a PITA, but mainly just due to the ridiculous amount of paperwork, and the fact that any contractor needs to go to their office downtown in person for their registration, and they love to send you home without accomplishing what you came in for...Best of luck with the property, hopefully more BP members have some better insight from the Renters perspective...

It is a real shift that is occurring. 

From the financial return perspective, we care mainly about the following topics but not limited to ... 1) Is the sponsor ethical and deliver what they said 2) Does the reward compensate for the risk we have to take?

Reach out to some realtors and talk to them to get their perspective on the current market. 

DOM (Days on Market)No comps, or comps are too variedActive vs. pending ratioHigh tax assessment to value ratioInsurance:Property in flood plain or zone and on flood map requiring insuranceCLUE report, uninsurable or difficult to insureInsurance escrow or notLapse, adequacy of coverageProperty:SquattersFunctional ObsolescenceSeptic, onsite systemsWellLead or galvanized plumbingTerracotta sewerProperty preservationStructural damage (expansion cracks, main beams)Landscaping issues: retaining walls, bamboo, soil shifting, etc.No permitsIllegal BR size < 70 sq.

As others said, don't look at it from a perspective of an owner, but a renter.

I know this is a difficult market from a LTR perspective, but I continue to be drawn to the idea of buying a duplex/triplex and renting it out for a few years until circumstances allow for us to wisely relocate there (want to let a child graduate from high school and then figure out what the employment situation will be). 

My personal debt on my Credit Score was reduced from 2M+ down to a few thousand (I rent, own a paid off 1998 Toyota 4runner, and live well below my means).Since that closing in October, the handcuffs have been released and our market has shifted.

@Wa Chan It's not a home run but a solid base hit from a numbers perspective.