@Gp G. going to guess your current PMC is charging you a flat fee for finding a tenant.If so, who's going to pay an agent that brings a tenant via the MLS?

I guess I should have been clearer in my response and state that a solo401k may avoid UDFI tax implications when invested in real property.   

Generally, I want them to text me so I have that evidence but I don't want to get into a heated back and forth via text, that could be taken out of context and used against me. hahaKeep us posted but my guess is that this dies down.

When I did open my SDIRA back when, I had done a lot of research but I guess I missed the understanding or knowledge of banks also having SDIRAs.

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

Otherwise you are really just making guesses about everything.  

Given your described building location and post, I am guessing you are single tenant (seems to be the majority in that Elk Grove, Bensenville area). 

The S-corp has no funds to acquire this property legitimately.And your rent payments are not a deductible expense for you personally, but they ARE taxable income to your S-corp, and the S-corp taxes are passed down to - guess whom?

I guess the odd part (to me) is I am putting up the money for the renovation, potentially without full ownership of the property.

I guess I don't know how lucky we are to have found our property management after hearing all the comments.