If the Property was built before1978, paint mitigation must be in compliance with EPA’s Renovation, Repair, and Painting Rule and HUD’s lead-based paint regulations regarding paint mitigation at 24 CFR 200.810(c).

I recommend getting an attorney and CPA involved - both must understand trust and estate tax planning and compliance.

You should be able to automate a switchover with some sort of temperature sensor which triggers shutoff.

Zoning:As the owner you will need a Certificate of Zoning Compliance.  

I'm starting to get cold feet about pulling the trigger this type of investing.

I'm starting to get cold feet about pulling the trigger this type of investing.

Hopefully your lease discussed compliance with local laws.

To sell and then redeploy, you are triggering a lot of costs which you would not have if you stayed the course.

Chicago is has some of the strictest landlord tenant laws and you want to ensure your in compliance on day one of ownership.

I had been watching it going into foreclosure however we were not quite ready to pull the trigger yet and then as soon as we were we drove by for one last look and there was a sign in the yard so we purchased it through MLS.