Underestimated the cost to fix up and how hard and how much time it takes for one or two people to complete a flip.

There is tons of new construction, which means competition (and the only way to be competitive is to lower your rents) and with high property taxes, makes it hard to cash flow.

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

My carrier, Mercury, opted not to renew because my buildings turned 60 in 2022 (policy cost = $11K).

Any Ideas about the costs associated with Small Lot Subdivision? 

My contactor is licensed bonded and insured and he called the neighbor offering to cover the cost of exterior detailing of his car.

(go look at business credit)Next, some costs...really insurance...is very expensive on the commercial side (well, for STRs specifically, insurance is very pricey).  

He recommended 2 'pins' to fix the problem at a cost of $6670.00. 

With 3.5% down and 4% interest on renovation costs, it made sense to do substantially larger renovations than we would have had we come 100% out of pocket.  

I'd like to get an idea of what is costs to build from scratch.