It’s 100% for properties bought this year.

This is relying on a 35% expense ratio, which I believe many would argue is conservative and should be higher.Round Number Case Study:$12,000 Monthly Collected rent$4,200 Monthly Expenses (35% Assumption)$7,800 NOI$7,800/$500,000 = 15.6% cap rate

It sounds like you’d definitely benefit from doing a study since your wife qualifies as a real estate professional.

Recommend you spend some time learning about them, so you don’t mistakenly buy a property that will NEVER meet your expectations!

Quote from @Griselda Lux: Hello Everyone!

I’m interested in both long-term and mid-term rentals, with some openness to flipping if the right opportunity arises.I’m currently looking forward to connecting with knowledgeable local agents who specialize in investment properties and understand investor needs in the Chicago suburbs, especially between Hanover Park and Niles.I’m eager to learn from this community, share experiences, and grow alongside fellow investors.Thanks,MarkHey Mark!

Understand REPS, STR loophole, and Active participation to benefit from RE tax savings.Also, learn about the 1031 Exchange.

Luckily, at this early stage, you don't necessarily need a mentor to learn a lot about REI.You can (and should) learn a lot about numerous REI niches by reading, watching videos, listening to podcasts, and learning as much as possible.

We've been buying houses from various auction sources for years now and while I don't consider myself an expert because the majority of our houses come from wholesalers, we do occasionally buy from various auctions sites. 

I am learning a lot from this community and it is great to connect with experienced investors like you.— Olaf For sure brother.