Reduce risk, save money, and get exercise.

Exercise caution for yourself and your personal property.Take the time to familiarize yourself with the operation of the egress windows, even if your bedroom isn’t in the basement.If you see something unsafe please report it ASAP and let your roommates and guests know.

I own a 3 Flat property on Chicago's Near West Side and I am planning on increasing rent in the following manner:(Rent increase is due to market rents and a hike in property tax)3bd/2ba, 1,150 sq ft ApartmentCurrent $1,150Market $1,500+Renewal $1,350I am being gentle as I prefer to receive $1,500 but flipping the unit could cost more due cleaning and repaint costs (20+ft ceiling).

If they did not give you an answer if they were going to exercise their option or not, then they did not honor the time is of the essence clause and you had the right to exercise your option to walk away.If it were me, I would be reading that contract and comparing what the contract says to what actually happened and what can be proven.

Now that this whole situation has been fleshed out by the amazing members on BiggerPockets, it's time to move forward with a plan of action.It has been ascertained that the building cannot exist on its own legal parcel and obtaining a variance from the City will be a futile exercise.

With the amount of income from working, I would still be working if I went in to syndications and those door counts are meaningless.This is a healthy exercise.

The value we add might be completely rehabbing and bringing it up to modern standards, or it could be simply waiting out a lengthy and uncertain transaction on a distressed sale (folks looking for a primary residence to move into would not want to put up with what you're dealing with -- that's why and how you make your money).Have your agent, if you are working with one, make regular, gentle inquiries on how the process is going, never failing to remind them that you are ready to close.Good luck,Vincent

Super rookie here so be gentle...I am exploring the option for a possible rent-to-own situation.

If it is an option for them to exercise then you'd have them for the 60 days if it just automatically converts if you don't give them notice of non-renewal then no.

bill_id=201920200AB1482The section regarding rent control is under section 1947.12 paragraph (d): (the exceptions)(d) This section shall not apply to the following residential real properties:(1) Housing restricted by deed, regulatory restriction contained in an agreement with a government agency, or other recorded document as affordable housing for persons and families of very low, low, or moderate income, as defined in Section 50093 of the Health and Safety Code, or subject to an agreement that provides housing subsidies for affordable housing for persons and families of very low, low, or moderate income, as defined in Section 50093 of the Health and Safety Code or comparable federal statutes.(2) Dormitories constructed and maintained in connection with any higher education institution within the state for use and occupancy by students in attendance at the institution.(3) Housing subject to rent or price control through a public entity’s valid exercise of its police power consistent with Chapter 2.7 (commencing with Section 1954.50) that restricts annual increases in the rental rate to an amount less than that provided in subdivision (a).(4) Housing that has been issued a certificate of occupancy within the previous 15 years.(5) Residential real property that is alienable separate from the title to any other dwelling unit, provided that both of the following apply:(A) The owner is not any of the following:(i) A real estate investment trust, as defined in Section 856 of the Internal Revenue Code.