According to the City of Chicago tax code, it costs $5.25 per $500 of the transfer price.

If you are not familiar with Scott, Scott was the Executive Director of the Opportunity and Revitalization Council, which was tasked in part to support and advance Opportunity Zone tax credits during the first Trump Administration.

Don't forget about your property taxes going up to account for that ADU.

I shifted from investing with a cash flow focus to the appreciation and tax benefits side of things.

Do that every 2+ years, sell tax free, repeat, and you can be set for life ("live in flips"). 

Moving out of a state with income tax to a state without before selling, saving 10% or more in taxes. 

Working with a CPA can help you navigate tax implications, and staying focused on long-term planning will set you up for success.

How could this impact tax matters for both companies and the Joint Venture as a whole?

The property will be sold upon completion.Rate:  12.05%Term:  13 months interest onlyARV:  $648,000Loan Amount:  $433,000Processing Fees:  $15,361.64 (3 pts plus processing fees)Escrow Charges:  $3,130.90Insurance/taxes:  $1,722.82Construction Holdback:  $498,361Cash to Close:  $84,762.36 In the OP, you said that the loan amount was $346k.

Property was on market for about 170 daysI originally started the STR plan for tax benefits and plan to do cost segregation as i fall into high income bracket (37%+ 11% state) saving around 50k for 600k property.I have no plan to personally use the property and this is purely investmentI thought i found a great deal because properties in the area are selling for 205-220 per sqft.