From what I've read, some electric providers might not charge for the new service upgrade itself, but adding the meters, connecting the upgraded service and adding/updating panels would require an electrician, which would incur costs.If anyone has experience with this type of electrical service upgrade, particularly in Chicago, I would appreciate your advice and any information on costs and the process involved. 

. - Are u sure there was a 1031 involved?

Hey @Devon Moore not sure where or why you'd lean towards a land lease unless that's standard for this developer.In my experience its difficult to capitalize deals with ground leases involved.  

Meaning if there are partners involved, are you compensating your self for the time you are spending on management?

If the person managing the synidation does not have a pre-2007/2008 track record, that is not one I would get involved in.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

My main advice for avoiding liability is: (1) work with a great insurance broker to get comprehensive coverage; (2) avoid signing full recourse personal guarantees whenever possible; (3) max out your 401(k) or defined benefit plan with ERISA protection; and (4) strive to reach a point where you’re not personally involved in the business’s day-to-day operations.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

The property manager will be involved for years, and they want it to be something easy to manage.

It will say way faster, easier for showings and easier for everyone involved. 

I have a strong network here and know the key players/stakeholders in the community and am trying to learn how I can get involved to make an impact to change the community and restore the existing (beautiful) infrastructure.