Look for undervalued properties.Network: Connect with local real estate agents, contractors, and other investors for insights and deals.Analyze Properties: Use the 1% rule to evaluate potential properties (monthly rent should be at least 1% of the total investment).Secure Financing: Explore different financing options like conventional loans, hard money loans, or private lenders.As for timing, if you can handle the extra responsibility, starting now could give you a head start.

* What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits* How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

They have not received a response back from you.

I just wrote an offer for full asking price at 30 day close, with a contingency to extent at BUYERS choice for 30 more days if I don't get an favorable response on the electricity install costs.

@Alicia Prokos (and anyone else in the same position) A 401k plan is a type of Qualified Retirement Plan, in which there are - at a minimum - 2 essential roles: Trustee and Administrator.Plan administrator – The person who is identified in the plan document as having responsibility for running the plan.Plan trustee – Someone who has the exclusive authority and discretion to manage and control the plan assets.In the overwhelming majority of plans, it is the business owner and/or the business entity adopting the plan that fill these roles.Companies that provide 401k administrative services are more aptly called "third-party administrators."

It is incredible to not have to take the phone call and have tenants receive a response.

Obviously, two factors are responsible for what will likely be more than doubling our money in 3 years.  1.

Additionally, I mentioned that I had sent them a small holiday gift card as a token of appreciation (which I send to all of my tenants) and wished their family a peaceful and warm holiday season.Your insights helped me craft a response that balanced kindness with maintaining boundaries, and I truly appreciate it.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

The challenges in real estate teach you invaluable lessons that you might not gain otherwise.I also invest in Chicago, so I have a few thoughts in response to the questions you raised.