Turn your Chicago area house into a rental property

People ask me all the time if it's a good time to buy rental properties. I don't really give financial advice on rental investments but if you have ever thought about the process I read a basic 101 version on MSN recently I thought summarized some simple steps: http://www.msn.com/en-us/money/realestate/turn-your-house-into-a-rental-...
The Chicago market has been hot for rentals and I saw the banks are releasing a number of foreclosures again in November (get them off the books before the end of year).
Hope this helps.
John

Comments

John's picture

According to CNBC, the Chicago area (including Arlington Heights, Palatine, Mount Prospect, Des Plaines, Prospect Heights) is 5th worst from the bottom (about 25%) for underwater homes. Still a lot of inventory to burn through on foreclosures and people coming to grips with lower sales prices: http://www.cnbc.com/id/102321796/page/7 Could make more sense to rent and wait.