My hunch is that's $85K for the garage itself before plans, permits, engineering, sewer line, electrical panel, etc. 

As a limited partner, you would be able to participate in the project without being involved in the day-to-day operations, while benefiting from the potential profits upon completion.If this sounds like an opportunity you would be interested in, I would love to discuss further and provide additional details on how we can collaborate.Looking forward to connecting soon.

I keep track of expenses as they come in (I have a notebook) for each rental and file the invoices/bills/etc as soon as they come in and are paid. 

Work with your attorney for what is needed to insure all subcontractors get paid by the General Contractor.Make sure the insurance covers Construction period and also materials.Talk with your Commerical insurance agent and they should address the above questions with you.If this is an older facility make sure your engineering firm has covered Fire Suppression systems and any Storm pond or drainage systems. 

Quote from @Jeremy Dugan: I am a US Air Force and Massachusetts Air National Guard veteran with 20-years of experience as a military Civil Engineer.

The only reason I chimed in is a lot of folks might take this as gospel for any and all areas.

What area of Chicago are you looking to invest in?I

What you put in is what you'll get out, it's just that simple. 

This is super helpful and I can't emphasize enough how this first sub-to purchase has been a lesson in "I don't know what I don't know." 

If any one can recommend a good REI focused lawyer or a building engineer to do a building survey then please let me know!