There is a high cost to renovating a non-restaurant space into a kitchen, especially if you need everything like grills, hood vents, walk-in coolers and grease traps in floors, not to mention the utilities to service all of the above.

Divide it out based on sqft. then charge the tenants accordingly like @Nathan Gesner mentioned.

And you mentioned it's zoned residential, well a camp site is not a residential use, so now we have zoning to get through for use variance maybe. 

As others mentioned, you can definitely have the study done before filing your taxes in 2025, so no rush before the end of this year.

@Tucker Cummings as mentioned above refinancing a "subject to" deal is no different than any other refinance.  

I'm glad to know I'm on the right track and that all the points you mentioned are top priorities for me.

As Michael mentioned, there are several problem areas shown in the photos.

Everything Brian mentions is accurate, and I will follow up with for most investors it is trajectory of growth over length of growth.  

I wanted to avoid all that since that (i am assuming) will make things complicated for me not to mention the timely payment of rent.i am in Chicago cook county and in loop..

Under the "moisture and/or water" section the sellers stated "water in basement during heavy rainstorm of june 2023. repair completed, sealed wall, added downspouts" with no mention what-so-ever about moisture....nor other walls that were painted over to hide water damage.