We live in the greater Chicago area and are starting to wrap our heads around market analysis, which feels like a crucial first step.We're currently debating whether to focus our initial efforts on the local Chicago market and start by managing the property ourselves,or look into opportunities out of state and use a property maneger.We'd be incredibly grateful for any advice on How do you approach market analysis as a beginner? 

I got into real estate so I can afford things and I live in an expensive neighborhood and drive an expensive German SUV.

House hacking is an excellent way to start investing.Understand House Hacking: Typically, you buy a multi-unit property (duplex, triplex, or fourplex), live in one unit, and rent out the others.

We first lived in the ADU and rented the main house and now we swapped.

I live in NC, invest in NC, but also diversify into OH, MI, and MO

If she lives in the home as her primary residence while also being on title, the IRS could disallow rental losses due to personal use.A valid lease at market rate and her removal from title would strengthen her position to claim active participation and depreciation on the rental portion.Title Structuring and LLC Transfer:Removing your daughter (and spouse) from title and transferring to a single-member LLC (SMLLC) in your husband's name aligns with IRS guidance and simplifies the REP claim.Transferring to an LLC may trigger a transfer tax depending on your state/county, but could be worthwhile for legal protection and tax clarity.If structured properly, there's no federal income tax when transferring to a disregarded SMLLC (for a single owner).Future Gifting & Tax Planning:Gifting the home later to your daughter will not get a step-up in basis.

Right now, I'm focused on saving aggressively while living with my parents to position myself for my first property - ideally a cash-flowing rental.

Pull non owner occupied homes where the owner lives out of state and owned a long time or lives in state and owned a long time.

I would than get a few friends that go to the same college and look for them to live their.

Hi BiggerPockets Community,I currently live in California and renting a home here.