Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

I have some flexibility but rely heavily on my team for admin work and the day-to-day operations of property management.

Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi. 

I know you said $5,400 but is that the correct monthly rent(total)?

Quote from @Hanna Brown: @Jay Hinrichs  You mentioned Oregon and WA made foreclosure rescue lease backs totally illegal.

I might be totally wrong in my thinking, what am I missing?

Seller and buyer commissions are a total of 6% - $17,340.

Approximately 2,200 sqft total for the cleaning. 

The information contained in this post is not to be relied upon. 

And all currencies will eventually go to zero, Warren Buffet was not the first one to say this.Once I understood this, I started looking at leverage in a totally different way.