Our best use for the property would be to build a couple of large estate home (8k sq' and up) and form a private estate, but, being that we are in the County with no existing zoning requirements, we could also build what we want and potentially turn it into an income generating property.

Good to hear... i'm factoring in an 8% vacancy rate in my per forma, hopefully will accommodate any loss expected .

So many people gloss over properties before truly evaluating their pro forma rent.Also, I think it's a great point about this strategy working in higher rent/gentrification areas of Chicago..it seems counterintuitive.

It should include a few exhibits attached like a scope of work, a blank change order form, a final layout illustration, and a lien waiver (for the final payout) that they sign before starting.

Something that confuses a lot of people is they think these calls from companies are a form a rental arbitrage.

I have seen far too many times where these do not hit pro forma due to unexpected problems like theft, crime, etc.And, on top of that you are not even going to be in the US and have no ability to supervise and make sure that the people that you hired (who are not aligned with you) are looking out for your best interests.

With that said, you have a lot to learn before you need to form a partnership and start the wheels on that.

Another quarterly update and another slip/delay/below plan message.Seems normal to hear these… anyway as I already said in previous message, the ROI upside to pro-forma seems very difficult.

Happy to take a look at your pro forma if that would help.

@Chris RagerAre you looking to form a single-member LLC or a multi-member LLC?