These figures vetted these numbers on the Bigger Pockets calculator as well and got a similar result, but wanted to share on the forum to get additional feedback on any additional line items/nuances particular to Chicago: Property is a duplex (each 3 bed, 1 bath) in Little Village and listed for $249,900Down payment (FHA Loan @ 3.5%): $8,800Closing Costs: $7,494Monthly Income: $1,200 per unit (so $2,400/month)Monthly Expenses: $2,370 (see below for details on expenses) Assuming 30yr mortgage at 3.8%, mortgage: $1,124/monthProperty taxes (2.1% for state of IL): $440/monthPMI (FHA Loan): $104/monthInsurance: $150/monthCapEx (5% of rents): $120/monthVacancy (5% of rents): $120/monthRepairs (8% of monthly rents): $192/monthMaintenance (5% of monthly rents): $120/monthBased on these numbers my conclusion is that this wouldn't be a good deal since cashflow is barely positive.

(fanniemae.com)I will say though, that Fannie and Freddie literally just this past week put out new condo guidelines (as a result of the condo collapse in Miami) with even more stringent requirements, making it more difficult to finance condo's.

High-end rental producing premium rent Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

There's obviously a lot that goes into it, but generally speaking it's a pretty simple business model...with somewhat foreseeable results. 

I have seen a few people go down this road thinking that cheap trailers will produce big cash flow.

Your tenant will have a better view of you as a landlord and as a result, reciprocate in treating your unit right and paying on time.

It is boring, tedious and in no way glamorous but it will produce results with a consistent framework. 

It is a grind but you'll develop a somewhat consistent stream of results if you do it on a daily basis. 

Let the results, good or bad, speak for themselves and teach.Don't Have a Scarcity MindsetKnow that when you invest your money, you are not limiting your income by exercising your savings.

You should have a clause in your lease that states early termination will result in loss of deposit.