I added a flat amount per month. 

Hey everyone,I have a friend who I have been looking to partner with in a three or four flat in Chicago.

Fast forward 5 years, and let's assume what a lot of folks are thinking might happen proves to be correct: there's been some inflation, lending rates are up, and despite my best efforts, I bought in a market that was hit by some sort of unexpected economic drop, so vacancy rates are up, rents are flat (or down) and Cap rates have gone up significantly in the area. 

The biggest problem east of Western is the loan limits Property Type FHA Conventional 2 Flat $468,150 $543,000 3 Flat $565,900 $656,350 4 Flat $703,250 $815,650If you are looking for cash flow you are going to need to go a bit west.  

Do most apartments use third parties to screen applicants?

If you don't, or if they don't screen well, you can evict."

Do you have a formal application and screening process developed?

I work with investors too, so I charge a flat rate for under $50,000 and over that it's usually a %....Once you establish a relationship and close several deals, you can renegotiate....I pride myself on providing my clients with top notch service!!! 

Is there a good site to use for background checks and screenings that the tenant pays?

But I assume your screening standards require you to weed out many tenants before you actually rent out the place.