He ensured that the structure, HVAC, plumbing, and electricity were well-maintained, and rarely had anyone coming in for maintenance fixes.

Replacement cost would be what it costs to replace the structure.  

BRRRR method is also a great way to go - good luck!  

If you don’t owe then, everything is profit without paying overhead depending on the structure of your lease.

Yes, the BRRRR method can work with multifamily properties, and many investors have done it successfully.

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.

Quote from @Kevin Hoover:  Input needed for least tax methods of unwinding a family partnership in the next 13 years. 

If a bonus structure doesn’t work and you scale back, it can demotivate employees.

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.

Rates may still be high, but sometimes they’re more flexible with repayment options than a mortgage refi.Family Loan Structure: Since you have an existing interest-free loan from family, you could talk to them about restructuring or even adding onto it, if they’re open to it.