@Helen Robalino We find alot of poorly managed properties that can be purchased at the 1% rule and once normalized they end up being closer to 2% if not better. 

@Travis BagleyThe normal terms for commercial mortgages are 5, 7 and 10 years.

You should be able to get a feel for what is a normal number of listings and how long they stay vacant. 

Thanks Henry, hope you had an enjoyable holiday. with small kids, we had to watch fireworks online, but glad they didn't wake up!

The quote you have is normal.

So, I would send the Tenant notice, citing the lease clause, and give them a timeline (if not defined in the lease) for completing repairs and/or restoring the property to it's normal condition. 

The collapse of the Florida condo should be a wake up call.

Normally you lose the deposit and that’s about it…At the same time, I think taking action is a good thing.

Feel free to message me and I can frwd all the 2021 docs to keep compliant.Make sure you collect a security deposit (normally I would not recommend security deposits in chicago) as the roommates tend to just move out with no notice otherwise, even in the class A areas.

Here is an overview. https://www.reubenlaw.com/cali...I would also look into utilizing SB35 which is another state law that can get you planning approval within 60-90 days which is light speed compared to the 12 to 24 months it normally takes - or longer if there is community opposition to the project.