It was an enormous rehab and I didn't have the experience or the contractors to take it on.

It was a big project in terms of the amount of work it needed, I just ran out of time with my lender going through the garbage with the contractor, finding a new one, and finishing taking the longest. other than that I would've let it sit on the market to get closer to what I actually wanted for the property.

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

Many claim they do not charge a markup, but then aren't transparent with invoices, etc. 1) If a PMC charges $x hourly, their markup is built into that hourly rate as they are NOT paying their workers that hourly rate.2) Many PMC's send you ONLY their invoice, or from their wholly owned maintenance company, not the underlying invoices from Home Depot and contractors.

I'm a licensed contractor focused on interior remodels, and a realtor as well, reach out if you have any questionsBest,Ryan

I believe many believe they can assemble a team of realtor, contractor, property manager and lender and become profitable.

.#1 I would call the city rentals department directly and ask if the seller's license will remain active until the day yours becomes active.

I have been told by a contractor that the foundation of the building is intact, so it does not need to be torn down but requires a "gut renovation down to the studs."

I would say you need to find the contractors first. 

If you send me a DM, I can ask around my contact there to see if they have a recommendation.Disclaimer: While I’m a licensed attorney, I’m not your attorney.