Pull the trigger and learn from your mistakes( screen tenants don't sweat the small stuff). 8.

@James Wise and @Ryan Moeller If the business was simply just property management then, sure it would make sense to charge 10%, cause you want a decent profit.At the same time, it really depends on the neighborhood and property to determine how much work will be involved.Beyond the initial process of finding a tenant, which if screened well should be there for a while and not cause any issues.

You need set screening standards for tenants , income , criminal records etc .

It is a good rental market and like most places if you buy right and you aren't a slum lord and you screen well you typically are going to do well. 

The local REIA appears to be a good place for me to screen local contractors.

Leaning to screen and manage tenants is another key skill to having a decent stress free live as a landlord. 

In Chicago, if the tenants damage the property (break windows, remove screens, punch holes in walls, destroy faucets, don't clean), then the CHA will abate the rent until all the conditions are fixed.

What does your tenant screening process look like?

I bet you could pay a good one $200 to teach you their methods via screen share.Caveat, making market research easy will involve the cost of subscribing to a big data service...

Anyway, the short responses to your questions1- live-in renovation in 2011 FHA-insured loan2- tenant screening is key if you are going to be neighbors with your tenants...and introduce yourself as the "property manager"...separation makes things easier when you live next door. 3- first time...total guess...got lucky and settled into a $40k equity position from onset...did lots of homework, but limited to zillow back then...4- don't be afraid to pull the trigger on a deal. consult a great local agent and be confident your numbers meet your needs.