Lenders will want to see the filed Articles of Organization, an Operating Agreement that you can get from your attorney or, if you're brave and it's just you on the LLC, some people use Legal Zoom or Law Depot.

My underwriting would have this large negative cash flow for 7 years.I would do a thorough underwriting but want to show using quick math the issue so I will use the 50% rule.  

To add to the confusion, the party that had divided the lots had instead of distinguishing the lots by A and B, used A1 and A2.  

Materials: This section accounts for all the material costs.

I would get that done before any tenant moves into the basement.

I would be more than happy to show you how I use it.

This is not the way to analyze a deal.

If you have cash on hand to fund the rehab and want to extract it soon after the project is done, you can use delayed financing.

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?