The biggest problem i'm running in to is how am I going to manage a property when I first get it (that is why I stopped the outline at self-management) and how can I make sure my month expense don't exceed rent coming in.

The IRR must exceed a fair return to investors for the use of their funds to compensate them for the real estate risks. 

., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

Fortunately, our extra spending was exceeded slightly by the extra money we got on the sales price than we had hoped for.In the end, we closed on the place last week for more than we'd hoped and ended up with a healthy profit.  

I plan to house hack my first property and live in the property for long as 3-5 years with roommates to bring in steady cash flow.The property I would like to invest in would be 4 bedroom 3-3.5 bathroom, with a price range not exceeding 120k.Is there any suggestions you would recommend to me or any type of insight that I should know please do not hesitate to spread the knowledge to a young hungry mind like mine.

Any agent who drafts this up without being a principal in the transaction can easily end up in hot water with regulators as TREC has repeatedly indicated they would see this as the practice of law IF a lease is combined with an option contract and the option exceeds 180 days, in which case the contract becomes an executory contract.    

Their reputation is everything and that includes not only meeting / exceeding financial expectations consistently in all types of economies but the overall customer experience should be a good one.  

Turn around should not exceed 6 to 8 months as I would like to start on exterior before she moves. 

If you are still hell bent in investing in the southside then I strongly suggest you do your research as their are other turnkey companies in Chicago that have an exceedingly better reputation then elite....you have been forewarned....do not send a single penny in Elite's direction...

Who covers expenses that exceed reserves?