Seems like most of them never got the RISK / REWARD concept.

Phx has it's own challenges and rewards.

We just got a deal under contract subject to the existing financing.

You can view most existing I general and gather a tremendous amount of information.   

If you already have existing property and transfer property to an LLC, then it could trigger the due on sale clause the bank.

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

My goal is simple: to illustrate why investing in lower-priced neighborhoods can be riskier and less rewarding than it seems.I had a client who owned five properties in these areas, all rented through Section 8.

We were running out of money to continue carrying the property, so we took it.We refinanced all our existing debt into a new 30 yr loan for $2M, which was 10 years IO at 8.375% before going principal + interest in years 11-30.

This policy will provide additional coverage above what your existing policy covers.

You may want to consider really understanding construction on existing built homes and then pivot into using a trusted GC for those new builds.