However, he asked me to sign a one-year Exclusive Right to Represent agreement, as presented to him by his brokerage.His interpretation is that it applies only when he materially assists me, but I think the boilerplate brokerage language he was given reads much more broadly:"If during the term of this Agreement Buyer enters into a contract for the purchase of Property through the services or efforts of the Broker or Buyer’s Brokerage Firm, or by or through any other persons during the term of this Agreement" (emphasis mine).My concern is that, under my interpretation, if a fellow real estate investor wants to unload a property or if I get pointed to an opportunity by a former agent, colleague, or friend, this agreement could create an obstacle to moving forward with the deal.In the end, I didn’t sign.

While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

What is he charging for the materials?

Understanding STR regulations in a market is an essential "must do" when it comes to evaluating a short term rental.

I would say it's more of a scam to offer a seller <70% on a property that needs $5k in material repairs  and flip it for 125% without stepping foot in the property.

And sometimes, we are not materially improving what you could have done  yourself. 

The "best market" is less about the market per se and more about the deal you're able to find in my opinion.

Some of the materials we choose and asked him to pick up (such as flooring) he replaced with low quality materials, I assume to keep more of our money for himself. 

.: Quote from @Don Solt: Hi folks, As the topic states I'm looking to learn everything I can about the City of Philadelphia and its real-estate market.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)