Hi @Kyle Carter local PM here should you need any connections with contractors, lenders, agents etc. 

I am a local Realtor and I work with an amazing team of lenders, title companies, and contractors.

Since you mention you have a partner, setting up an operating agreement is key to defining roles, responsibilities, and profit splits to avoid conflicts down the road.A few key tips to protect yourself:✅ Use separate bank accounts and keep finances clean✅ Get the right insurance (general liability + builder’s risk)✅ Have a solid contract with contractors to avoid surprises✅ Always verify permits and city regulations to stay compliantI still strongly advise you to work with local professionals, I’m happy to point you in the right direction!

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

My wife works for Ferguson, and I know many contractors, so I can get a lot of materials at cost.

(They claimed thousands for electrical using what appeared to be a fake electrical company, and they never had someone out to even check electrical beyond the general.) 

Also, how much did the electric and plumbing fixes costs?

The tenant understands that the property of the Tenant is not insured by the landlord for damage or loss of any kind (action of third party, fire, water, theft, vandalism, storm, heat or cold, electrical damage, pests, mold, accident, etc.), and the Landlord assumes no liability for such loss.

We I purchasedthe property, the previous owners updated the plumbing, adding HAVCand updated the electrical.