If your putting a loan on the house then just make sure the big items like the roof, heating and air and windows are in good shape so that you dont have to replace them in a long time. 

Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

I highly recommend looking into them as you develop your network of contractors/handymen/painters/roofs/etc.Pete

As far as i have researched i should be able to form a LLC as a pssive investor and do all the operations under that roof.

What type of roof is currently installed and what is the condition?

The area is prime for comeback for sure but property taxes are going through the roof so many people are renting rather than buying in Chicago right now.

Capital Expenses, items that are not just consumables like appliances, roofing, AC, all have what is called a Class Life and get depreciated according to IRS rules for that Class.  

He said that I could get about $30,000 of the rehab costs through a program like ygreen.com, basically if you upgrade Windows, roof, drought tolerant landscaping, and other energy efficient items, you are able to get a loan that is attached to the property taxes for the property.

Following the Great Recession, the Big Banks (with $) convinced Congress that it was all the fault of the Local Lenders who live in the communities we lend in & can throw rocks from our back yards to hit the roofs of houses that we've financed. 

Values ranged from $110K to $125K.My had more SQFT than the $110K comp, I had a complete renovation, including a brand new Carrier HVAC with gas furnace, roof, etc.