Chicago CRLTO Obligations
I'm currently in the process of setting up systems for managing my future rental properties and have been reading through the CRLTO quite a bit as my guide. The first cash-flowing property I will have under my belt with be a 3-4 unit multifamily, where I would be living in one of the units and therefore consider this property to be my "primary residence".
I keep seeing in the CRLTO that "dwelling units in owner-occupied buildings containing six units or less" are not governed by the CRLTO. My question would then be, what governs these building types with regards to landlord-tenant rights, landlord responsibilities, security deposits, etc.? Is it a free for all or is there another governing body / document that would apply? I want to do everything I can to ensure I'm not opening myself up to a lawsuit while not spending money unnecessarily!
Thanks for you advice!