If you're thinking of buying an investment condo make certain you read all the fine print before you head down the path of small-time landlord.
Chicago Magazine's Ian Spula recently posted a new article which breaks down some of the most common pitfalls in place for would-be condo owner/landlords:
• Rental Caps: some building place a maximum on the total number of units that can be rented - typically it's capped at 20 percent of the total - that's a number that would allow units to be rented while preserving the maximum range of mortgage financing for potential buyers.
• Live-in Regulations: some buildings require owners to live in the units for a year or two after their purchase before they can be rented.
No matter what, each building has it's own quirks - read the regs yourself and make certain to have a good agent and lawyer on your team.
And for the full story from Chicago Mag, head here.