What made this opportunity particularly enticing was my prior experience managing this exact duplex for the same investor over a span of three years.The property itself is a 1950s duplex that underwent significant renovations in 2017.

Most suburbs here have city inspections required prior to the sale taking place, Chicago proper does not. 

@Ryan Cleary,In a prior life before 1031 exchanges, I worked with a national firm that worked to evict thousands of tenants from underperforming properties across the country. 

He has been a dentist for over 10 years.  18 months prior he purchased a dental practice from a retiring colleague. 

The building has been extensively renovated by the prior owners in 2022 including new heat/ac, appliances, flooring, kitchens/bathrooms, roof.

On top of that, NAR have not said or sent any instructions to his members on how to safely proceed with a real estate commission beginning July 2024.

Oftentimes, distressed properties are going to be a lot of work for an agent if there are lots of inspections and quotes to coordinate so it is smart to talk about this with your agent prior to finding deals.

@Joshua Michael HaumanI have mentioned this in prior posts.

However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify.

However, two things that are a big unknown and was wondering if this would automatically disqualify me... 1) I had a foreclosure on a condo that finalized in Feb 2019, so more than 5 years ago. 2) I work for myself and been doing this officially for 1 year only (prior to that I had a high W2 job).