They're anticipating a pull back in the market and are looking for safe cash flow opportunities that are 1031 compliant. 

I know you have to modify the properties to ADA etc etc.

I had a 203k loan project where the GC estimated about $4k for concrete foundation underpinning.

Hey @Asim Purses - The fact is your porch is likely not code compliant (which most old Chicago porches aren't). 

The elevator will have a roughly 8x8 concrete block shaft and elevator inside.

@Nadir M. many PMCs post samples of the management contracts on their websites.So, you can download a bunch, sort through them and then cut & paste what works for you.You will still NEED to have an experienced real estate attorney review for final approval to make sure its compliant with state and local statutes. 

The attorney can also then assist you with creating the following compliant with all federal, state and local laws:1) Rental Application2) Lease & Pet Addendum3) Renewal documents4) Nonpayment Warning Letters5) Eviction Letters & Notices6) Legal Entry Notices7) Security Deposit & Release of Liability Letters8) Vendor Contracts with insurance and other requirements9) MoveIn & MoveOut Procedures to Share with Tenants10) Etc.Hope this helps!

Cut concrete floor to access piping.

In my areas they require concrete or asphalt driveways & parking and each unit requires 2 parking spots, that is 4 spots per duplex, that's 800 square feet of land for parking per duplex.All of this adds up, but it works out, least for us it has.Also...

yeah as title. i have a mortgage on my own house. recently a 4plex on fb caught my eye. theyre listing for 300k, new construction, on i think 1/2 acre or 1 acre mostly seems a big dirt parking lot in front. 1800sq ft. they claim the units rent for 1050. obviously these are small units 1 bed 1 bath, doing the math 1800/4 is 450 sq ft per unit. they look nice, being new construction, albeit spartan inside, metal building, concrete floors, washer dryer hookup. semi rural Oklahoma but about 80-100 miles from dfw. they also say all units are under 6 month lease (it seems to be friends of theirs, i'm guessing, as they mentioned it was full "despite not even listing it yet"?)