I'm sure he did really well with the property - enough so that he could complain about the cost, yet pay it and stay in business- but, I wouldn't buy one unless you had serious reserves, just in case. 

I live in River North and preferably would like to work in downtown Chicago and surrounding neighborhoods but open to the suburbs as well.

Sometimes this creates appraisal problems.I'm also looking in to VA construction loan as well, potentially for a BRRRR property.

I've lost a couple thousand on inspections as well over the years.

I understand this can vary by market but this number has served me well.

-Lastly, ask for the investment or seek confirmation of their current or future investment, bringing the conversation to a decisive point.You should be well versed with the details of the deal before talking to investors:● Understand the average median income in the area.● Be aware of the average rents in the market.● Familiarize yourself with comparable properties (comps).● Understand what needs to be done in terms of improvements or renovations.● Be knowledgeable about the internal rate of return (IRR) for the investment.● Determine the anticipated holding term for the property.● Know the initial capitalization rate (going-in cap).● Project the exit capitalization rate (exit cap).When facing objections while raising capital, it's important to dig deeper to understand the true underlying concerns.

I would do it for the tax write offs, as well as another positive for the resale value. 

Willing to travel a few hour radius as well. 

I hope you all are doing well.

Please drop as much knowledge as you're willing and provide examples if you can.