Do what you can to preserve your investment in this one and begin to position yourself for the next, applying what you've learned from this experience.

This process will allow me to build up enough capital to begin to think about creating a diversified RE portfolio, inclusive of wealth preservation, flips, and rental properties.  

Do everything you can to preserve those little details and the right buyer or tenant will pay a premium for it.  

Thus if you can increase rents by 37.5%, then you have completely preserved your cash flow.

Each state or commonwealth has it's own laws concerning recourse versus non-recourse.3) Since the estate is illiquid (and I am the guy that wrote the book on that topic) I suggest you discuss the ramifications of preserving any rental cashflow with your mentors's widow and her attorney.

Additionally, I would like to recommend the option for the owner that is going to be best for her in terms of preserving her credit.

Allows you to preserve capital to rehab during a time of no income produced by the property.

Now for me personally I only deal in performing notes as our clientele base is more risk adverse than those that chase NPN.. these are very passive investors many times using their sidra's.. so capital preservation and consistent payments is the number one goal with a very nice return.. but they are not looking to take on risk for a few % more return..

My insurance company required a few items: depth stickers at all 4 sides, and life preservers. 

Go to local alderman office and ask if they’ll allow it - old Chicago way)-Neighborhood groups -City of Chicago Zoning & Planning / building & permits-City Council More common than 2 flat ( bc they’re trying to preserve those since tens of thousands Have disappeared into houses or condo) empty warehouses have been converted to storage like at corner of Ashland/Elston/Armitage and Ashland/Elston/Cortland