The upstairs is a 3-bedroom (very rare in our area) the bottom was recently a salon and needs updated to rent as a studio or 1-bed (no shower, no kitchen) however it's an open space that is a very cool "blank canvas".My real question is about LLC vs. personal for our situation, not really looking to nit-pick the KPI's, but feel free to comment on those as well...Based on 4 different lender scenarios available, the range for KPI's is below:Assume price of 175,0005-year ann.return 19-25 %CoC ROI 14-21 %Cash Flow 440-850 per monthEstimated investment to convert the lower unit:  $10,000 (but could be more if I cannot DIY as planned)My wife is the agent so she'll get commission of about $3,500Recent updates within last few years:  New furnace, new central a/c, new roof... without a formal inspection, I would consider the overall condition to be "good / very good" shape for being an old building. 

I walked my contractor through and we think we can easily do 4 studio apartments on top and either 4 one bedroom units on the bottom or 2 units and a retail space.

Let's pretend we're in NYC, where rents for studios routinely run $3000/month. 

I recently had a paradigm shift in my thought process after listening to Robert Kiyosaki's Cashflow Quadrant and decided it was time to pursue my financial freedom.So I started researching real estate, reading books, listening to audio books, and finally took a Rich Dad class on foreclosures.

This time, I'm actually listening to the audio book while following along in the actual book with a highlighter and noting all the essential components page by page.

Not even if each side is a studio (which I'm assuming isn't the case).$100 for insurance?  

I am looking at two studio apartments in Chicago that are in the same building with the same layout.

She is a real estate agent and we looked every week for potential properties and we had two potential properties, this one and another property that had six units but was considered a fourplex but the seller and I weren't agreeing on things and the 2 extra units were studios, which would be hard to rent out but operating income was going to be great with all six units rented out but it didn't work out.

The additional unit would be a ~450 square foot 1BR or studio. 

Features as per website are:"online text, online audio, online flashcards, practice tests, test simulator, proactive instructor, PDF eBook, Exam Prep Book"I’ve found the web interface easy to use so far.