Chicago and it's suburbs are notorious for multifamily zoning and illegal units issues.

If money wasn’t an issue, we would buy rentals closer to home or back home in Florida which is where we ultimately want to settle down in.

The other thing that could be an issue is if the claim is still open.  

Hey Tom, Foreclosure will not be an issue if it is 4 years from discharge date on a conventional loan. 

In case you think that has slowed, the quarterly increase was $130 which is not quite as fast, but still way too fast.The issue is there are many reasons rents are increasing and raising rates does not help lower the rent increases. 

Between rates being higher and terms being shorter Helocs can also have issues when it comes to DTI and not having reserves. 

This is a property purchased via 1031 exchange, rented briefly, and depreciation has been taken for 3 years.Long term, it may be rented again or purchase something else via 1031.What would be the tax issues with restarting it as a rental in a few years?

So it is calculating the profit using increased rates for cash flow that has not come in yet.It's a relatively minor issue, honestly for estimating purposes, most people are probably not going to find this ruining their deals, but I'm a bit obsessive with getting numbers right and this sent me down a rabbit hole tonight figuring it out. 

@Tracy Scott it's highly dependent on the deal, the type of property and the location.In addition to the items others have mentioned, here are some of the biggest potential start-up expenses that I study closely before buying a property:Foundation/structure--this is one of my few "deal breakers", I typically will not purchase a property with significant foundation or structural issues.

Is it a good idea to send them a no pressure letter in the mail proposing a conversation to possibly to solve there issue?