At that time I will get the house cleaned up and list it on the market and when it sells I've agreed to get reimbursed my costs for reinstatement plus any other costs plus a fee for my efforts.

Portage Park is definitely a prime-time Chicago neighborhood @Delroy Watson! 

Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time. 

Frankly owning 30 properties in 30 different LLC's would be a migraine come tax time to get returns prepped.

First time on this forum, and just introduced through two books I just read by David Greene and Brandon Turner.  

They will save you time and money. 

So, by waiting until approximately February (time for everything to stabilize and to pull funds out), I can have an extra $110,000 of investable capital.Thoughts?

How times have changed.  

In some jurisdictions, you are liable for 3 times the value of the property if you lose.

Do you think it's a good time to buy given all the regional changes Dubai is going through?