Purchase price: $210,000 Cash invested: $68,000 Sale price: $350,000 Re-configured several rooms in the house, created a room out of an old garage, created a bathroom out of a 3 season porch.

Overall, as a FL attorney, I agree that for asset protection (and possibly estate planning) purposes, holding title to real property in an LLC, in whatever membership configuration, is a wise choice. 

Other Information:Built in 1993Listed for 222 days7 Bedrooms and 3 Baths (No information on how that is broken up)2826 sqftSo I did some numbers on it and tried to be as conservative as I could to see if this is even worth calling on.Purchase: 125,000Cash To Close: 20,000Monthly Rent: 1,200 (I understand this is a guess especially not know the actual configuration of the triplex, so I went low with 400 a door.

I was seeking help with configuring an offer to present to the realtor.

I'm looking at a 2-flat in an ADU district in Albany Park with units currently configured as 2/1s that I'd like to convert to 3/2s and which has a "finished" basement that I would like to convert to a 3rd 2/1 unit.

How much rent collected in each configuration.

We acquired the land, met with the City to get approval on zoning for our goals so now our architect is doing some rough sketches on different configurations.

Somewhere around 4-5k depends on configurations of the house really, panels and etc are cheap, pulling the permit and making the drawing isn't.

so, you have to find a way to add value / change configuration / go off-market / or some combination.also, you mentioned "offering at a different cap rate." 

If you can then just ride it out, there is sun after the clouds.If it looks like you can’t weather the storm in the current configuration then you need to adopt a contingency plan.