I liked this advice, and paid a contractor to put in new floors and spruce up the unit and when it came to rent, I had a surprise….After pre screening many folks, I had a few showings with very qualified potential tenants, and they really liked the first floor, but when they saw the way the bedrooms were laid out upstairs, it was a dealbreaker every time. 

@Adriel CisnerosI'm not surprised those are the returns you're projecting in Logan Square, but I would think that you could get a higher return in Englewood due to it being cheaper but also a D class area.

Surprisingly it was easier to find a private money lender than it was to find a willing local bank.

Have some reserves for the above and Expect Surprises.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I wouldn’t be surprised your total cost is more than what you have so far.  

It's supposed to ensure there are no surprises after closing.

If they are PVC/ABS look for the clean outs -threaded lids that can be removed- and basically pressure wash the inside of the pipes on all runs.If you are handy, remove the toilette and use high pressure water to clean the pipes, you"ll be surprised with what you can accomplish with a garden hose with a pvc end cap and a couple of drilled holes on it.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I shutter a bit at the "none of it could have been predicted" statement. 60K is a big chunk of cash.Yes, there are many items that can come up but as with house flipping and other renos the small signs can be missed.What items caught you by surprise?