You need to think of your worst-case scenarios, like vacancies, rent decreasing, fines, fire/water damage, and getting sued. 

This discovery took place at the same time a hurricane struck so to me it was a nightmare to fix some of the damages it caused, amidst a shortage of labor, fortunately another investor friend helped out.

You'll get higher turnover, more damage to the properties, higher vacancies.The average BP folk on a W2 making $80k/year.

Overlooked Benefits of a cost segregation studyA cost segregation study allows for property owners to more easily write-off assets that get damaged/destroyed as the value of these assets is determined as part of the study.

If it wasn't a nonpaying tenant, it was an angry one, or one threatening to sue me, or a neighbor claiming my property was damaging his!

The property had 3 times the hidden damage as the quote given for the rehab to the property.    

Damages are tenant funded repairs.

He has been calling 311 for inspection and having violations reported for damage he has caused due to neglect and malicious intent for the past year.

@Ebony M Marshall quick search says Chicago, landlord has 45 days to itemize damages and return deposit.

Recommend requesting the seller’s existing ALTA Survey, building plans & floor plans, site map, seller’s prior Phase 1 & environmental reports (easy for them to ask lender for copy), full rent roll detail (including renovated/classic unit indications by unit, sqfts, building #’s, full detail), aged receivables report (will allow you to identify hidden delinquency / bad debt yet to be reflected in T12’s), general ledgers / capex ledgers back at least 3 years to ID major capital projects or damage that wasn’t disclosed initially.