By presenting my vision for revitalizing the community and showcasing my ability to execute the project efficiently, I negotiated favorable terms that aligned with the long-term development goals for the area.

This allows me to make a full decision knowing the nature of the repairs, cost of repairs and have the ability to back out of my offer if there is a red flag or major foundation problem that increases my repair costs dramatically higher than I anticipated.

Which leads to another question, what is your specific ability to finance a solution? 

Unresolved code violations, such as unpermitted modifications, could impact your ability to refinance or could reduce the property's appraised value, affecting loan terms.

By interviewing in person you are showing you not only care but have the ability to come on site at any time and assess quality.Best of luck!

Creating an LLC: Forming an LLC may offer liability protection and help with structuring multiple properties, but it doesn’t change your ability to take rental property deductions or depreciation.

Depending on your loan structure I'm not even sure you could legally offer a personal guarantee outside of the loan for that money without committing mortgage fraud, as anything that could hinder the ability of the primary lender to recover their principal is supposed to be declared during their diligence period, and any material changes up to the point of taking the loan are supposed to be disclosed as well.

This is basically only in 2 wards and the alderman have the ability to make zoning and land use decisions for their specific ward, but the whole thing is counterproductive.  

Most investors will also take into consideration risk, time invested, control over the asset, the ability to do a cash-out refinance, and other factors.

I will be seeking financing with my partner, who also has excellent credit.My main concern is the amount my credit score would drop when taking the offer, and if this would adversely affect our ability to apply for financing.