The other $300,000 was a combination 1031 exchanges on two single families I owned, refinancing of my personal residence, and $37,000 from my brother who now has 25% ownership in the park.

I did the analysis for turning it into normal rentals by combining some of the rooms. 

I underwrite 15% combined.

Like @Matthew Nicklin said, double check the rent amount as "nice area" "$280k value" "no repairs" and "$2100 rent" are pretty rare to find in most hot markets...not sure what market you're in. 

Some people have a zero tolerance.Rent: Income Ratio:  I look for 3x, total combined income. 

The combined balance is very high.The estate wishes to sell all or a portion of the remaining interest in these assets, and also needs an appraisal. 

That's pretty rare.

In my opinion, the biggest deterrent (which is often overlooked and rarely mentioned) to investing in Chicago is the legal system.

Waiting is rarely a good business model.

( Some investors might also want to do a combination of both).What is the DEAL SIZE in that asset class needed to get PASSIVE?