If the properties sit on the market for 120+ days, you are correct.

Buying correctly is another large factor (in any RE transaction).Of the comments above from Evan, while it may appear to be scary and cautionary (as it should), don't let it discourage you either.

It is hard to edit bank statements where the name, address, font, and spacing line up correctly for multiple months; usually, they are slightly off. 

Personally, I just communicate with my tenants that we keep the HVAC (in florida so rarely need the furnace) above 68 degrees at all times, and that it is best to keep the HVAC above 74 degrees during the hotter afternoons where the ambient temp is in the 90s.

If I see a CPA, I wonder if he will follow his own advice and how I will know if he is correct when other CPAs disagree.

Asking in the correct forum will get a better response.Need a spreadsheet or form?

I just wanted to get some extra details to make sure I'm relaying the information correctly.

It creates a whole lot of uneccessary communication between us and our tenants when that happens. 

To overcome these challenges, many borrowers focus on building strong communication with lenders, providing clear and detailed exit strategies, and ensuring thorough due diligence on the property.

@Jonathan Klemm thanks for the mention@Ali Farhat Jonathan is correct that you may still have some opportunity depending on the Zoning designation for the lot, and how many existing units are Legally Recognized by the City.You can Check the Zoning Designation here on the Chicago Zoning MapFrom there, you need to check the requirements for your lot based on the Chicago Zoning Ordinance (Note: RS-3 does not mean 3 Units.