You are probably better will serve to invest in the Chicagoland market particularly on the southside where your cash flow margins and cap Rates are higher much higher.

An LLC for your single family rentals and then cap the capacity, say 10 houses.

Does resent comparable sales impact office values in same building at all or we only need to look at CAP rates and determine the value based on CAP rates alone?

I also like how you bring up swaps vs caps.  

Seems like NNN is aSlam Dunk At 6-7 Cap Rates.If you can borrow at similar costs tocap rates and put 30-40% Down.

It also eliminated “the cap on the amount of the fixed charge that the PUC may authorize.

We were also thinking of trying to put a cap for the smaller units since their rate goes up as the $ amount and sqft goes down.

  $500K is exempt from cap gains if you're married the remaining is what you pay cap gains on.

No unexpected cap ex expenses, and as zack mentioned we've done a 1031 on a couple properties that appreciated quite well to buy other rentals. 

If the project only cashflows with interest only payments, that isn't a deal to me. there are going to be other costs involved such a cap ex and maintenance, so you will need to bake in a certain amount of expenses beyond jsut the mortgage payment too.