We accepted a pre list offer of $236000.00 with us paying the closing and are scheduled to close mid March. 

You've done a great job with keeping your debt low so I have no concerns about your level of discipline to use/reuse a line of credit.All the best!

If you're wanting to get into construction managment there's two main areas you would need to make yourself an expert in; Reading plans & Scheduling.

I was able to schedule a call with someone the same day.

We simply include the tax on the invoice sent to guests, which makes it easier to track and ensures we're covered for tax purposes at the end of the year.For Chicago, I’d recommend checking directly with the city’s tax office or a CPA, but generally, you’ll need to register with the city, collect the hotel tax from guests, and remit it on a regular schedule (likely monthly or quarterly).

What would be the point of setting it up like a 30-year amortization schedule at the 6.5% rate if he is going to have to pay it off in full in 5 years anyways with that balloon statement you mentioned?

We are first time investors in such an entity and the property that is leased is a new construction that is scheduled to be handed over to us by July or August of this year. 

Crickets...At this rate, it will be 2+ years before the project is finished.Anytime you ask for a project plan or schedule you will get vague responses with no actual plan.

Stay disciplined and avoid rushing into deals without thorough due diligence.Resources for InvestorsIf you’re new to investing in distressed properties or looking to expand your portfolio, consider leveraging resources like:Local Realtors: Realtors specializing in distressed properties can assist in locating off-market deals and navigating complex transactions.Community Forums: Attend a local investor meetup or join online forums for the Phoenix market.Educational Tools: Search out webinars, workshops, or courses on investing in distressed properties.Final ThoughtsThe distressed property market in Phoenix is creating some excellent potential for the right investors willing to go the extra mile necessary to take on strategic risks associated with this category of real estate.

. ~$2.1m- Cash flows at $140k annuallyI've been self-managing and it has been honestly pretty easy (send invoices, schedule routine maintenance/inspections), but otherwise I have no real knowledge or experience in the industrial space (I mostly invest in STR's).