Some of our owners have accidentally thought they were handing a situation "right", and because Chicago is a very tenant friendly city, the laws tend to lean in their favor, and it can cost you a lot if you are simply just not up to date on what is proper protocol (for example, what to say, what not to say, what to have in writing, and what not to put in writing, etc)... can be worth the management fees.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

You will realize the loss for tax purposes when you sell the security, which it sounds like will happen in 2025.

The Sewer Charge and Water Supply Tax may be higher now.Check if you’re now subject to automatic annual rate hikes based on CPI, which could contribute to the increase.4.

You need to work with someone whose proactive and will send you on-market, off-market, and pocket listings!

You'll find a lot of hard working contractors.Have something to write on as many of the contractors won't have business cards.You'll still want to screen them a bit because, "there's a reason they work with the hands, not their heads":)

Selling off underperforming assets to pay down debt and rebuild your financial foundation might give you the breathing room to reset.

To markets where you’ll gain long term tax free wealth. 

If you have any questions I am happy to help answer on-line or off-line, don't hesitate to reach out.

I would suggest you up your rate from 8% to 10% to help off-set some of that cost. 10% is doable all day long here in Texas.