Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

Hi Joshua,It really depends on your situation and your specific needs/wants.

Since it's already an expensive area, I worry that waiting too long could make it even harder to afford a home when I eventually want to move out of my parents’ house.Looking for advice from experienced investors—what would you do in my situation?

Or stay depending on your situation. 

After a year you finance, it gets into BRR situation that is no money from your pocket as equity takes care of downpayment and you own the building.

Any words of wisdom for this situation? 

I'm not quite sure as i've never been in this situation before, just throwing an idea out there. 

Unless there is an emergency situation, take a lot of photos and call your insurance agent before doing any repairs.

We worked this out with our CPA and this was his recommendation so i recommend starting with 1 account and as you grow and scale talk to your CPA and banker to see what they are seeing other investors do and what they recommend for your situation

Sorry you’re dealing with this—sounds like an incredibly frustrating situation.