Closing costs vary based on State and County for Taxes, Insurance, Doc stamps, transfer taxes, Title, and every Bank/Lender requires different points/hard costs.If you have any specific questions of if your just getting started feel free to message me or reach I out. 

Those use a AVM based off Zillow or electronic records on file.

I'd assume the tenant base is mainly nurses and professionals.The other option is to do a 30-day minimum on Airbnb, who collects a 3% fee, but handles the rest.

My numbers are conservatively based on 3 STR's I already own in this market.

On the other hand, distant property management calls for efficient systems, trustworthy local partners, and a thorough comprehension of the unique dynamics of the market.Appreciation Potential: It's important to fully investigate and comprehend the local economy, employment growth, and development plans, even if other markets may provide better appreciation potential.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

If you like a market, just get a base hit deal there and start spending time at the property getting to know the house, the market, and local vendors.

On the other hand, I invested in other areas, Humboldt Park, Pilsen, etc. which I thought would appreciate, and did not - or would take much longer to do so.The problem is I have had a hard time being honest with myself, and basing my decisions on wishful thinking, not cold hard facts. 

Lastly..Gang seriously.It is frustrating how much proof I constantly need to post yet so many of you are so invreddibly stubborn so see what is right infront of you, and make decisions based on emotion/opinion, instead of Proof, Data, evidence.It truly is up to you.Want to keep struggling?

While it is also true that Chicago leans tenant friendly, you can mitigate a lot of that risk by investing in areas that have a stronger tenant base.