For parts of Illinois that are not governed by any specific municipal code, it appears that a common meter is not necessary as long as the tenant knows what common area electric usage they will be liable for PRIOR to entering into an agreement with the landlord.

@Mark S.You hit all the points.It won't show on credit for the most part (some lenders do report on credit), but when getting underwritten, the properties will be found on Schedule E whether in LLC or not.

We pulled those out (all the previous tenants were indoor cigarette smokers so all drywall had to be removed from the entire property).   

You will still report all the income in 1040 under schedule E. 

@Randy E.

@Gerard Gonzalez After I completed the e-notary I had my funds in 3 business days

Apartments- New kitchen layout, moved laundry into each unit, updated bathrooms, new windows (curb appeal), updated paint and flooring, turned the laundry room into the 12 unit.AirBNB- changed usage on the main level from office to 2 unit AirBNB.Office building- removed drop ceilings to add 3 foot ceiling height to make the space seem larger with more natural light.

(i,e, they figure it out 5 years from now when they reassess again, can they charge me for the previous 5 years for the more accurate amount?

Keep in mind, all of us agents may be sending your account to the same underwriter!

I know you can file for e-permits online but I'm not sure regarding permit extensions and what information they need besides the extra fees you have to pay.