Huge undertaking, profit has to be built into it to be worth doing.

I know they're quite the undertaking...we've got some thoughts on how best to approach it, but I'd love a contractor's take, too! 

Say you only borrowed $20000 on this same house that would not be anywhere near what it would cost to get the house back up and running- if there was a fire $20000 would not rebuild and make it rentable.Million dollars for general liability does sound high but without knowing that the neighborhood/location is, what construction risks you plan to undertake/how long to complete, and all the ins and outs of your deal, I cannot comment.An insurance policy in a LLC is going to cost more as is commercial in nature.I don't do HML but you say you have been using all your investment life, so some worked for you. 

I have completed the National Association of Homebuilders Certified Age-in-Place Specialist courses and will soon undertake the studies necessary to receive the CSA designation, Certified Senior Advisor.

I may contact you off the thread, though, since there are others involved here, I don't want to get too specific on a forum@Ian Walsh Thanks -I'll keep you in mind, however, at this point in time, I believe we are all wanting to wrap up the deal, rather than hand it over.Well, if it is SDIRA money, then you have to be really careful in undertaking the rehab takeover.  

@Syman Scarpellino not to discourage you, but unless you have some good experience under your belt, trying to renovate a 6-20 unit building would be a major undertaking.

This is beneficial for the banking industry as well as those who utilize lending institutions to borrow money to undertake a home renovation or buy a vehicle or stsrt or grow a business or buy a rental property.

Thesmall but vibrant Fulton Market submarket is slowly evolving into a new hotspotfor tech firms, while redevelopment projects are sprouting up all across the Loop.Related Midwest is planning to undertake one of the largest developments incity history on a 62-acre riverfront site in the South Loop, while city officials planto turn the 49-acre Michael Reese Hospital site in South Side Chicago into a newmixed-use destination.While population growth is weak, young professionals are still drawn to theregion.

Also, I have no desire or time to undertake shorting the market.

Do not buy anything until you have a solid team in place ready to undertake your investment on your behalf.