If your exemption is already in place, it's unlikely you'll lose it unless there is some reason for the Assessor's office to look into your property.

Any recommendations to get honest and reasonable estimates and get the work done.

The reason cited is that since we aren’t performing the renovations, we aren’t exposed to these risks.For those who actively flip, what type of liability / E&O insurance do you carry to protect against these risks?

Main problem is that I wouldn't be able to get out there after every visit to clean and check up.

This fits my plan for a couple of reasons, I plan to rent one unit long team and as I travel a fair bit for work I'll Airbnb the second unit when I'm overseas.

Don't see a reason to arbitrability only look at one or the other, just do the best deal available. 

Does anyone have recommendations for good, reasonably priced countertop installers/fabricators who do work in the north/northwest suburbs of Chicago, specifically around Prospect Heights?

And I’m talking mainly Multifamily, not SFRs. 

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

I have looked at getting involved in real estate for years but never pulled the trigger for one reason or another.