On top of that, the water pipes are on the ground, which is not allowed; they should be run inside the walls.

But if, say, there’s an undisclosed material fact or omission on the inspection report, polybutylene piping for instance (I’m just giving out a random example off the top of my head, not implying anything), those pipes suddenly burst 10 years after you buy the property and floods the house, the water damages could easily exceed the sum of the profits you’d made for the past ten years.

Purchase price: $275,000 Cash invested: $275,000About this homeBeautiful 2 bedrooms 1 bathroom condo in the convenient location of Rowland Heights, close to bus stop, supermarket, schools, shopping centers etc. newer counter top in kitchen and bathroom. 2 parking spaces and storage room.

They counter offered at 110,000 and I accepted the contract.

Here's the City link for you to reference. https://www.chicago.gov/city/en/depts/doh/provdrs/homeowners...1) ADU regulations specifically exclude Short-Term Rentals so don't do it if the intention is to short-term rental. 2) The ceiling height oh 6'10" is almost guaranteed to trigger digging a basement if you want to formalize as an ADU unit, especially if that height is further reduced by pipes or HVAC. 3)Ingress/egress is an issue for renting, as is that any bedroom also will need two (ie operable window/doorway).

They used to approve these over the counter.

The worst they can say is no and give you a counter, or they ignore you and you try again a little higher, or wait a few weeks and try a little lower.

Personally as an investor, we have recast our growth goals several times over the years, but ultimately if you invest for your lifestyle you don't need 100s of doors - that is actually counter productive.

I highly suspect theres more inflation to come down the pipe regardless of tariffs, only time will tell.

You owe your counter-party a standard of honesty and transparency - be sure they understand that you are an agent, but don't represent them, and are looking at their house as a for-profit investment.The pros and cons have been discussed endlessly on BP.