Stay in the loop on local trends and rules, and perhaps consider unique offerings to stand out.

Look up local ordinances, laws, taxes, and insurance.

Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS.

If everything checks out with the HOA, you must check with your local municipality to see if STRs are permitted even though the tenant will be on a fixed long-term lease. 

Also, try contacting a local appraiser or tax advisor who could provide a precise adjusted cost basis for your capital gains calculation.

. - The electrical panels may need to be relocated to comply with the latest local code - I'm not licensed in Pennsylvania so I am not familiar with it. - You may need to update circuit protection with AFCIs and GFCIs. - As Jaron mentioned above, you may also need a 200amp supply upgrade. 

This list may be biased in some ways, since I live in STL and am extremely interested in starting to invest in my local market.

@Danielle Cage your realtor will be able to give you a lease from the local MLS that will be ideal for Kane County.

Concerns with parties can be mitigated with cameras, noise monitoring, not renting to locals, etc.

The best deals are going to be sourced by local agents in your target areas that focus on investment properties and have the local knowledge/direct to seller connects