The owner was actually from OHIO as well and left while cooking a stew for me to see the property.

@Doug KienzleDon't forget to take property taxes into accountAround hear( Cook County, IL) anything below grade would not be factored into assessed value.

Too many cooks in the kitchen = a mess. 

@Kyler Cook you could go with a BRRR property.

We once had a tenant demand a new oven when he had accidentally engaged the timed cooking feature and he couldn't understand why the oven was not heating up. 

If you or your tenants cook a lot, they will probably appreciate the outside exhaust, because it keeps grease, steam, etc out of the kitchen.Go in to the empty units and see what you have. 

If the deal is ever scrutinized by a securities regulator (or one of the investors' attorneys), it will likely be deemed to have been the sale of securities without following an exemption (which requires proper disclosures and SEC/state securities notice filings).In my experience any more than 5 people in a member managed LLC is a recipe for disaster as they can't agree on how things will be done (too many cooks spoil the supper...), so it creates dissension, stress, and in the worst cases, litigation.  

Emerson Zollos,I'm in the same boat with a duplex, where one of the units was occupied seems to be a chain smoker - the walls, ceiling & floor are just completely saturated with cigarette tar/smoke.While I haven't begun rehabbing the 2nd unit, I've been doing my homework on the best way to tackle this project and what seems to be the most effective treatment that I've found so far, short of ripping out the drywall/plaster & lathe, I've been reading that using a TSP solution with warm water very effective in removing the "gunk" so to speak - once the walls have been thoroughly cleaned with TSP, use an oil-based primer (Killz) to seal the walls and then apply a few coats of paint. 

Exciting and rewarding for those who are willing to cook in the smart/hard work.

(Some shenanigans cooked up by White Eagle developers as Naperville is snootier that Aurora).