Buying Property in Illinois - Chicago - What do I need to know?

[John Hurlbut]

Does anyone own property in Illinois? Chicago specifically? 

We are buying our first rental there and wondering if there are any fees I need to be aware of on an ongoing basis above and beyond property management/property taxes, etc.? 

Is rent subject to state income tax? 

Other required municipality fees on an ongoing basis?

Anything I should know really? Thanks in advance!

[Vincent Incopero]

@John Hurlbut - Speak to your accountant RE state income tax, I am not a tax professional, but I believe that rental income is subject to local tax. There are no municipal fees, other than water and garbage, on a continuing and ongoing basis. 

DONT TAKE SECURITY DEPOSITS AND DISCLOSE BUILDING VIOLATIONS WITHIN THE LAST 12 MONTHS. 

HIRE A LOCAL, IL, REAL ESTATE ATTORNEY, to assist you through the process. It is and will be money well spent.