In some cases, after crunching the numbers, the profit margin was so slim—or even negative—that I had to pass on some promising opportunities.Here’s my situation: I currently own two properties—a primary residence and a rental property—both of which have substantial equity.

If your brother is looking to invest in real estate largely from a tax reduction standpoint they should pay a qualified real estate tax strategist to review their specific situation and what may or may not work for them. 

Also, have you considered a specific investment strategy (e.g. rentals, fix & flips)?

I recently put together one myself specifically for beginners who want a structured guide from setup to first booking.

Explore a DSCR Loan with Reduced Down PaymentSome lenders offer DSCR loans with minimal cash-to-close requirements if your property cash flows (even marginally).

@Sharon Porter What specific part of TX?

U will never hit the numbers ever in renovations as there is no way to know the unknown.. just make sure there is plenty of margin above you all in price and cost of capital. 

If you have any specific questions I'd be happy to connect with my attorney for advice. 

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

Specifically, the cost to have it corrected is now a known material fact.