However, it often results in lower profit margins and less control over product quality and delivery times.

Instead of having the buyers advance the funds to the developer directly, the buyers will pay into an escrow account under the control of an independent third party.

For permits https://desotomo.com/departments/animal-control/I would suggest you vet any GC very carefully, make sure their plumbers, electrician and HVAC are state licensed.I'd also suggest permitted work for liability and equity purposes.The electrical will be dependent on what code cycle of the NEC that Desoto has adopted.Its doubtful an old HVAC is performing adequately relative to its installation let alone relative to current requirements.

To precisely compute deductions and guarantee conformity with IRS regulations, it is essential to maintain thorough records of rental income and expenditures.

Landlordstat  from Chicago Temperature control  I  think they have the temperature range type controls. 

There are so many rent controlled buildings that generate such little rent, with owners that paid 50-200K in the 70's that should be easy to turn into deals now.

Maybe instead of 1.2 DSCR you underwrite the deal at 1.3, but in reality there isn't anything you can do about market equity as you don't have control over the interest rates. 

If the current owners didn't need the cash, a master lease type structure could be a way to go to get you control of the property, but somehow a Will, or Trust in this case, would have to name you as the heir. 

To make money you have to get a good loan and leverage, appreciation hopefully, HOA can't control and keep it rented.   

It seems that a judge would find smoking off the property on the public right away is not something your landlord can control.