Hello BP community, I'm based in Chicago, Cook country I have deal that is not on MLS owner have clear title and apartment is paid off, I check owner properties tax was not paid for 2015.I think ether he forgot or have financial situation, title is under his name.

Hi Denise Cook There are lenders that offer 30, but they're typically on properties with very long term national tenant leases. 10 or 20 isn't bad if there is no prepay penalty and you can refi any time.

Anything under 2 acres is pretty tight to set up a stand alone storage facility.  

I found a great deal (it's in MLS, but at an excellent discount) in Cook County.

I have a property in which the tenant had a "cooking accident" that sent flames up to the ceiling, and burnt a whole into the bedroom above. 

I have not thrown in other things like the cost of getting the house ready to rent, legal fees, accountant fees for filing taxes, advertising fees, costs of furnishing the house with beds, TV, maybe even cook ware or appliances, and regular furniture. 

The old lease is enforceable, unless the tenants don't want it to be enforceable, in which case they are squatters rather than tenants and you simply change the locks and move their belongings to a storage facility.

You should also hire out the facilities side of property management, because that is where you can get into adding value.  

I might add that you also verify with your State the requirements for an On Site Manager - - in Calif, 16+ units (at one physical location and in some cases, all facilities operated by the same company) so require and that will put you into the hands of the State Labor laws. 

Landlord will maintain all electrical, plumbing, heating, and other facilities and appliances supplied by Landlord in reasonably good working order.Landlord will perform periodic inspections of the premises, no less than once a year, for the purpose of property maintenance and repair.Landlord will notify Tenant in advance of the inspection.