Since you hold a license you are held to different standards and requirements.

You must have a custodian for an IRA, and while you can self-direct it, you do have a middleman between you and your IRA. 401k does not require a custodian and can be set up as a trust with you being the trustee.

I believe they have a 6-month seasoning requirement, but if you bought it longer than 6 months ago, you should be all good!

I've always heard skeptic caution about properties at these price points because they come with a difficult tenant pool which then requires much more intensive property management and capex.1.

Properties sell fast and nobody wanted to touch this due to the amount of work required.

If you're going to be required to do DSCR I'd try to stay above $100k.

@Thuy Pham-Satrappe I manage a few in higher crime areas and it requires more active Management that some other properties.

and yes I now have a prescreening message for any tenant leads so they have a clear understanding of what i require and then ask them to do a prescreening phone call for an interview if they are really interested then they can fill ip the application form etc.  

To identify the best financing option for your circumstances, compare terms, interest rates, and required down payment amounts.Assess Property Management: Having dependable property management in place to handle your Chicago investment property is essential for long-distance investors.

As AirBNB and VRBO introduce policies that have the effect of limiting the STR owners profitability, the long eatables operating properties are going more and more to off app rentals most of which is based on word of mouth which requires years in the business.Better off finding a business opportunity where entry level has more chance for success