Complete Newbie here. I am interested in owning rental properties. Looking to cover all my bases before jumping in. I want to obviously do everything legally but am not aware of all of the laws. I am worried I may break the law and end up getting sued without even know I did anything wrong. Is there anywhere i can find all laws that pertain to renting? I assume all states have their own laws. I live on the boarder of Illinois and Indiana, I hear Indiana is a lot more owner friendly than Illinois? Any push in the right direction would be greatly appreciated.
In the city of Chicago, there is a landlord / tenant ordinance. If you follow this you will be fine. They make you put lead based disclosures in your leases, the laws for earnest money are defined. And lots of other items...
Don't be afraid of Illinois. The rental market is somewhat stronger than Indiana. You're from Tinley, so you should probably gravitate in the southwestern burbs. I personally like parts of Chicago.
In Chicago check out the Chcicago Creative Investment Advisor run by Jane Garvey. One of the best REIA groups in the country with large meetings. In southern Illinois my contact info is below.
State landlord tenant regulations can be found on line. Simply do a search under the state of your choice.
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