Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

I am actively looking to connect with investors interested in [mention specific types of investment opportunities,  single-family homes, multi-unit properties, distressed to expand my portfolio and deliver strong returns.

What the concept you mentioned is talking about is leveraging equity to gain cash vs. selling essentially. 

these rulings over the last 10 years have eliminated much of the angst seen around the "hold for investment" issue mentioned above.  

If they do, your best bet is a local community bank that funds these types of properties.Another option is a private lender but that money will be pretty expensive, as mentioned 10%  + 

The quote you are mentioning seems high to me!

Not to mention the opportunity cost for $47K?

I am now shopping to replace, but curious where I can learn more about the pros and cons regarding a policy like the one mentioned.  

As it was mentioned before, fixing the celling should be a few hundred dollars.

Also depends on what you mean by modest income and bad credit....Worst case like someone else mentioned, you could stay in this property and buy the next with a DSCR.