Talmer Bank & Trust, they're in the process of changing their name to Chemical Bank...I just sent you a PM with their contact details.

That sounds way more harsh than I mean.

For someone trying to syndicate a deal such as this, how harshly does a bank look at me?

Any chemicals produced there?

In a deep cleaning company's case, I specifically tell them what to do and what chemicals to use.

Auction it, swap it, or barter it quickly, before the seasons change and harsh Chicago weather I'd construct a compelling flyer, price it right, pitch it at real estate clubs (including Chicago REIA's). 

Beau, I know J's comments may seem harsh, but I think they are spot on and far kinder than learning the really hard way, you should give it serious consideration while the market is still hot and you have the opportunity to shore up your financial position.

Ok Bryan Tomko,I am going to give you the best advice I can to help you win this deal without overspending for it.First things first,you need to establish the exact condition of the property,the approximate after repair value,and the true current value of the property.You do this by having professional contractors do a full inspection of the property and estimate every possible repair and upgrades you need to get the property into full ARV condition.This is a 60 year old property in what I imagine is a harsh winter environment.Snow,ice,possible rodent and insect infestations,can and will deteriorate the property over time.I am going to assume a few things now.The roof probably hasn't been replaced in a long time,if ever,it will need replacing.The wiring probably needs repairs and/or replacement.The plumbing needs a inspection with a camera through every pipe to determine damage and replacement if needed.Especially the sewer pipes and main water lines bringing water to and sewage from the home to the city pipes.They are exposed more to the elements and can break over time.I'm guessing the kitchen and bathrooms have never been upgraded and replaced,they will need that completely.New drywall and repainting inside and out.All the costs of doing that work need to be put into your offer by deducting them from the after repair value which you will establish by getting comps from recently sold properties in that area.Once you have all that,you will now be able to sit down with your family and discuss this like a business transaction.No sentimental garbage,just business.You can hug it out with them when the contract is signed.You can use the fact that they are losing 700 per month in insurance as a reason to accept this deal immediately.Now make no mistake,they are going to be upset that the house isn't worth what they hoped it was at this moment.Don't argue with them!!!!

For the past 2 years I have been a chemical engineering student with very good grades.

I try to never become too friendly with my tenants but after stern emails, I often feel like I come off too harsh and then feel bad afterwards.