Buy and rent condos in Chicago

[Matteo Foglieni]

Hello, I am planning to buy and rent a condo in the Chicago area. Can somebody explain how does the HOA frees are applied to the rent of the tenant?

[Jonathan Klemm]

@Matteo Foglieni - You can set the rent at whatever you want so if you are wanting to make sure you cover your costs then simply set the rent by calculating:

PITI (principal, interest, taxes, & insurance) + HOA + Cash flow = rent amount (assume as @Landon Vowels mentioned you'll need some cash flow going to expenses and capex).

Here in Chicago, you do have to abide by the Chicago Landlord-tenant Ordinance so make sure you get familiar with that.  Here is a link to the summary pdf:  https://www.chicago.gov/conten...