In my experience, the following scenarios work better :
1) Local Presence + High Risk/Return
2) Long Distance Management + Core/Low Risk Class A properties in excellent locations
We have many long distance landlords in the Lower Fairfield County - an affluent neighborhood with exception rents and stability. The Long Distance Management model works great here.
Feel free to call to discuss.
Equity Capital Real Estate
(203) 280 3838
I thought I'd give you a couple of pointers since I've spent several years as a buyers agent doing a lot of work around Chicago that is focused on duplexes, triplexes, etc.
First, in Chicago, we call these buildings multi-units. A duplex in Chicago means an apartment/condo with two floors. Two apartment buildings are "two flats".
Three apartments = "three flat"
Four apartments = "four flat"
Five apartment = logic breaks down, and due to many investors having difficulty counting correctly, all larger buildings simply referred to as "multi-units"
soda = pop
jerk = jag
Please be very careful as a long distance absentee landlord. I'm not writing this facetiously.
One of the worst things to happen to Chicago housing is the preponderance of absentee landlords collecting section 8 rents. Yes, there are local owners who keep an eye on their property and successfully rehab buildings. These people are actually a benefit to the blocks in which they renovate run-down dwellings.
However, many landlords will allow anybody willing to pay them to occupy a unit with complete disregard to this person's character (not illegal to discriminate against somebody with poor references, previous evictions, etc.). Many blocks in Chicago are ravaged by only one or two terrible buildings, generally the result of an absentee landlord just looking for a "high ROI" and not interested in the chaos taking place around his building due to his poor judgement in tenant choice.
Best of luck, and just remember, the "el" does not signify a missing letter or local slang for a 'loser'.