Streamlining Renovations for Efficiency & Cost ControlManaging multiple renovation projects at once demands an operational efficiency that can be tough to achieve.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

Starting with house hacking is a smart move, especially in a higher-cost area.

I decided to buy the property from my grandfather using a gift of equity, which allowed me to take over ownership without having to come up with the full down payment and pay for the tax lien and his closing costs.

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.

This could make the sale more appealing by solving a logistical challenge for the landlord.Things to Keep in MindUnderwrite Conservatively: Make sure you account for all costs, including property taxes, maintenance, and potential repairs.

At this time I manage and renovate majority of all my units to keep cost low but most likely not the best use of my time although I'm skilled at it.

Pyment is $1,054, but $625 is interest.If you sold current house and bought new one with same mortgage amount, but current interest rate of 7%, the payment would be $1,663, interest amount $1,458.So, the interest cost difference would be $833 month!

And then a client's new build in the suburbs of Denver that cost $800,000 and should get around $85-$90k, so 10.5-11%. 

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.