If you're comfortable with waiting 3 years, maybe that's not a bad decision since the building has a foundation that isn't going to fall apart, but yeah it's good that you are figuring out what you need to know to be ready when the time comes.

This puts the current market rents of $885–$925 per unit well within the affordable range, with room for modest increases post-renovation.I’ve also reviewed competing properties in the area; apartments seem to be listed between 975 -1000, and houses are listed between 1300-1900.

Now we’re doing cosmetic rehabs on 1000 sq ft 2/1 apartments for about $7,000.

Years ago I spent many months working in Indianapolis and staying at the Canal Street apartments. 

I currently own a 2 Bedroom / 2 Bathroom Apartment.

Here’s MY general feeling; if a MHP isn’t TOH, or I can’t easily switch from POH to TOH, then I might as well purchase an apartment complex and have less problems.

The more experienced investors with more capital are buying apartment complexes and doing syndications (one asked me if I wanted to participate...I passed) in San Antonio or doing commercial RE. 

Not even a part refund.

Does anyone have a good inspector recommendation in Chicago northwest suburb ?

It's all a part of the game.