This can add up very quickly especially in Chicago where traffic can be a pain.If there is a handyman you trust, you can sometimes just work with them so they can be available to you when needed (this may lesson the amount of trips you need to make if you can trust them).3) Tenants - Based on prior experience with tenant, do the often report maintenance issues or minor things all the time?

Before purchase, I will develop a standard lease to be signed once taking control.

Remember you don't have to own a property to control it.

Remember you don't have to own a property to control it.

Remember you don't have to own a property to control it.

Then that spreads out of control and eventually overwhelms our system.

Remember you don't have to own a property to control it.

What everyone needs are products, services and policy structures designed by real estate investors, for real estate investors and one of those features is a portfolio type master policy, with no location limits, with the ability to insure multiple controlling entities and properties in any stage of renovation, in all 50 states, offering agreed value, special form coverage with theft and vandalism, the ability to actually reduce premiums incrementally by aggregating locations AND do it all on a monthly reporting basis so that you and your CPA can easily see the breakdown in coverage and premium for every location. 

Loans for investment properties typically will require 20% down and the interest rates are usually 1% or so higher than a primary residence.I usually try to stay away from condos as rental properties since the fees are not within your control. 

I'm also not an 'expert' on this REI stuff, by any means... but 'market cycles' are 'predictable' in the sense that the same people control them and pray off of the 99.9% like clockwork... and as many an 'insider' have said, in effect: "Watch what the herd is doing... and be prepared, then do the OPPOSITE."