Just plan for reserves if it takes a year or two to break even.Take your time, do the research, and trust the process.

Staying on the same page and building trust.

They said they'd do it through a title company if I didn't trust them, but they really needed the 2% fee to get everything rolling for the loan.

@Martti Eckert in our opinion, you'll need to be really familiar with construction, including costs, or be able to find somoen on the ground you can REALLY trust (but still verify).

Please consult your trusted professional in getting accurate information as it relates to the estate.This site has 1031 intermediaries that have far more expertise than I have about 1031 but 1) you cannot 1031 a pure OO property.  

And then monthly by check or if you don’t trust them certified funds or EFT. 

.#3  TRUST.   

I have a list of them that I can share with you.Chicago, without a doubt, has some downsides, but there are also a lot of positives, like the inventory of older multi-family properties and price points at all levels.Investing out-state can be challenging because of the distance and the need for boots on the ground that you can trust 100%.

Newer buildings now have state-of-the-art amenity packages with pools, gyms, co-working spaces, high-speed internet, and community gathering spaces where savvy property management groups will have apartment building events to encourage this sense of community, all being a level of convenience and neighborhood community people cannot get anywhere else.

Buying a turn key rental, in an area you know or knew well, with a property manager you've met and trust, in an area that is large enough for you to have other options to find contractors and property managers?