Any unique challenges?

Engage with them at your own risk. 

The challenge we're facing is the lack of short term rental data for the appraiser, and we won't know if it will meet the debt service coverage ratio (DSCR) requirements until the appraisal is complete.Has anyone dealt with a similar situation?

Such deductions could result in substantial refunds, providing critical financial support during a challenging time.Residents may also explore disaster loans or grants offered by the Small Business Administration (SBA) to cover damages or losses.

The challenges in real estate teach you invaluable lessons that you might not gain otherwise.I also invest in Chicago, so I have a few thoughts in response to the questions you raised.

I am new to Bigger Pockets and looking for opportunities to engage, discuss, and work with others in the field of REI.

Hi Kris,It sounds like you’ve got a great property under contract with a solid entry price, and the only challenge is the interest rate of 7.125%.

@Celine Besson there will be several challenges:1) Finding a Grate Property Management Company. - See our copy & paste advice at the bottom of this response.2) Managing the Renovation- Everyone thinks a PMC can easily do this. 

I love the town, but I guess that my point is that it has substantial challenges as a full time local.

Despite surprises and challenges, I transformed it into a move-in-ready home and sold it for $145,000.