Their plan is to raise rents (on the poor remaining souls, improve infrastructure and exert some sweat equity. 

I live in Lebanon, IL and this property is also in Saint Clair County in Belleville.I plan on managing this at first, but want to build a proper amount into my budget.What would you recommend for budgeting for in terms of good property management in this area?

Hi JoseOverall, your plan is viable, especially with significant equity and an unconventional financing option (WLI cash value).

Mom’s estate plan should probably address this separately from you. 

I plan on doing it sometime this week.

I had planned to slowly build an investment portfolio on my own.

Just as an aside, both plan to keep their owned real estate and lease it to the business buyer.I like that because it makes the business much easier to sell.

Establish what type of commercial real estate interests you most—retail, office, industrial, or multifamily—and develop a plan around that.

Regarding BRRRing OOS - it can be very dangerous:(Too many newbies take contractors and agents at their word, when "trust, but verify" is extremely important.Given you're in Chicago, would recommend you plan 2 trips for a BRRRR:1) Initial walk-thru with contractor(s), which you should video for documentation & accountability.2) Final walk-thru BEFORE paying out final amounts to contractor(s). 

., multiple owners, estate planning, or asset protection concerns), consulting an attorney may be beneficial.2.