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.

Transferring a property into an LLC after refinancing it might trigger the Due on Sale Clause; however, transferring a property into a Land Trust is an excluded transfer from that clause thanks to the St Germain Act.

Transferring a property into an LLC after purchasing it might trigger the Due on Sale Clause; however, transferring a property into a Land Trust is an excluded transfer from that clause thanks to the St Germain Act.

If so you want to get copies of the leases, do a walkthrough, have the buildings inspected, make sure the building is in compliance with city or county codes etc. 

I'm not advocating for never following rules you don't agree with... but the current regulations on STR's in GR are... well I'd estimate less than 15% of the airbnb listings are in compliance - (has to live there, can only rent 1 room, can't be away while renting, etc) - I'll jut leave it at that!

This is a public record and you can trigger the "due on sale" clause when you transfer ownership. 

To highlight the basics of DD, we like to break those up into 4 areas: Financials, initial walkthrough, contractor inspections, and compliance.