I’ve learned that it is a very expensive ordeal but having a good lease helps remove the tenants faster.

Thank you in advance for the help! 

Update to my previous post (the update button didn't seem to do anything for me).Their customer support team was able to help me get my account back, even though the email made it seem otherwise.

I have nothing to sell and would be happy to help if you think that I can be a resource.

Offering a rent-free period helps the seller stabilize, but what happens if they still can't afford rent when the time comes?

-Interest-only payments, which help manage cash flow during the renovation.

I know this is a very old thread but if anyone comes across it I wanted to add some additional thoughts that might be helpful.

My vision is to keep it a while (it’s paid off) and use the cashflow to help with my kids college.  

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!

I want to know if there is anything I can do right now that will help me in becoming a realtor in the future.