Vetting tenants on my own to avoid paying broker fees is the way to go

While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

The PM had a plumber go to the house, incurring an after-hours emergency fee, but was unable to assess the exact cause of the issue at night, stating it's either a frozen pipe or pump issue and they need to return during the daytime to fully address.

Hi @Emily Gowen,It sounds like you've really put a lot of thought into this, and you're weighing all the right factors.

I'm not making a 100% emotional decision, but it is a factor.

I think another factor here in determining whether its a good investment is your age and your goals. 

Appraisal fees should go to the appraiser, not to the lender.Legitimate real estate lenders always use neutral title, escrow, and closing attorneys, as appropriate for your region.

Yes to the cats - just charge a nonrefundable pet deposit and $10/cat monthly fee

You can use form 3115 to catch up with any depreciation not previously calculated.If you have a condo, it is possible that there is no land allocation.Furthermore, if there were any assessments made by the Condo Association, you want to factor those in as well.

having a local commercial Banker is key I would never go with a national HML for construction.. unless I absolutely had to .. like right now I am at 1/2 point and 7%  for my vertical loans no junk fees and my bank even pays or the appraisals . :)  these are not credit score loans ( I mean I have a credit score) but thats just a formality its all about capital and relationships with your bankers and deposit relationships thats key as well.Yes your relationships with sub contractors will be a huge factor in profitability, both direct and indirect.