Help with a Deal in Lincoln Park, Chicago

[Jeremy W.]

Being a commercial broker, a friend (he is a broker too) recently brought me this property. If this moves forward, this will be my first property. We plan on going in on the investment and operating the property using money from a couple investors that we have, but I'm curious about a few things:

1. What posts/blog posts are best learn about this investment?
2. What kinds of due diligence questions should I be asking to my broker friend? 
3. We plan on doing work and have an idea of what we need to do. For anyone in Chicago, what kind of permits (if any) are necessary?
4. We plan on using our broker fees' to reinvest in the property. Anything wrong with this?
5. What other questions should I be asking?

Thank you!!!!!! Info below

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SALE OVERVIEW

SALE PRICE: $870,000

NUMBER OF UNITS: 3

GRM: Approximately 15

NOI: $58,129.82

LOT SIZE: 1,440 ft

BUILDING SIZE: 3,210 ft

YEAR BUILT: 1884

ZONING: RT-4

MARKET: Chicago

SUB MARKET: Lincoln Park

BUILDING:

The current building mix is three- 2 Bedroom 1 Bath apartments. All units are in good living

condition. Improvements to the properties include updated plumbing and electric. Each unit is subject to their own hot water tank. There is a laundry room with a washer and dryer

located on-site. The building is a 3,210 square ft building located on a parcel of land

zoned RT-4. 

2015 Proforma - Income/Expense - 3 Units

Income

Rents $67,800

Laundry $372.50

Fees $511.50

Lease Admin Fee $1,200

Total Income: $69,884

Expenses

Insurance $1,819

Real Estate Tax $9,660.18

Repairs/Maintenance $275

Total Expense: $11,754.18

Net Income $58,129.82