MAYBE take that chance if you were buying a $20,000 tear-down - but even then, there are pitfalls that you might be better off avoiding.A good analogy would be asking how to rebuild the engine on your 2019 Audi. 

We got the claim information from the previous owner and reached out to their insurance, Safeco who told us to have a structural engineer out to our home to evaluate it.

I had to get an engineer to stamp that because I moved a load bearing wall. 

Originally posted by @AJ Shepard:Great info and appreciate the reply back to the post I have tried different search tools in the past but not very effective in your opinion what is an effective search engine when researching markets/sub markets? 

As a current college student, this knowledge is key to making the appropriate decisions once I graduate to achieve my goals.For some background information on myself, I am currently 20 years old and plan to graduate in 2 years with 2 engineering degrees.

Already met with the structural engineer, and interviewing builders now.

Structural Engineer says it is maintainable.

@Moises R Cosme is correct that if this is the case, You as the homeowner can pull the new permit yourself; however, if you needed to pursue a Full Permit Process in cases for projects including new construction, additions, or larger remodels, the City of Chicago requires the permit to be obtained thru a Licensed Architect, Licensed Structural Engineer, or a Permit Expediter.Since I am assuming this was an Easy Permit for the plumbing, you also don't need any plans to be submitted.

You need to run the numbers to make sure the deal will work and reverse engineer from NOI and finished value.

Sure, you could calculate it by looking at recent sales and reverse engineering the cap rate on each property.