If the properties sit on the market for 120+ days, you are correct.

Spoke with an Attorney who advised that I was correct in the situation and mentioned posting notice on the Tenants door, as well as Certified Mail, then going to the Magistrates office to file and Landlord / Tenant Complaint.

It is hard to edit bank statements where the name, address, font, and spacing line up correctly for multiple months; usually, they are slightly off. 

Buying correctly is another large factor (in any RE transaction).Of the comments above from Evan, while it may appear to be scary and cautionary (as it should), don't let it discourage you either.

If I see a CPA, I wonder if he will follow his own advice and how I will know if he is correct when other CPAs disagree.

Asking in the correct forum will get a better response.Need a spreadsheet or form?

I just wanted to get some extra details to make sure I'm relaying the information correctly.

@Jonathan Klemm thanks for the mention@Ali Farhat Jonathan is correct that you may still have some opportunity depending on the Zoning designation for the lot, and how many existing units are Legally Recognized by the City.You can Check the Zoning Designation here on the Chicago Zoning MapFrom there, you need to check the requirements for your lot based on the Chicago Zoning Ordinance (Note: RS-3 does not mean 3 Units.

Calgary market did not experience the crazy increase in price like Ontario, so the correction has been modest. 

In my experience, economic vacancy is typically more than 8%.Your NOI calculation is not correct.