Typically its a $40-$60k conversion cost for a typical 6 flat with a basement unit under permit in the Chicago building I have seen done.

My advice get bids, set up demo, have extra subs to back up the guy that doesn't show because he decided to start a different project, and make sure the permits are pulled and checked off, and don't cut a final check till the work is done.

Usually a family member will set up and close apartment, I doubt the person will be permitted to live independently again.

It was a 3/2 and 1/1 with a separate garage (I planned to turn into an accessory dwelling unit - did not matter if permitted or not at that time).I chose to live in the larger unit and rented the 1/1 which covered 40% of the mortgage...if I did it the other way the 3/2 rent would've covered 75%.

For employment data: www.bls.gov/eag/For building permit data: www.census.gov/construction/bps/For general demographic data: https://factfinder.census.gov/faces/nav/jsf/pages/...Hope this helps

The builder will handle GC work,  City permitting, etc. 

What are the costs for all fees and permits, as well as length of time to get those? 

The auction had a tax lien outstanding preventing us from pulling permits for several months while clearing it. 2800 rent roll estimated 83,000 acquisition. 70,000 renovation valuation estimate of $210,000 looking for 75% refi Cash flow above expenses of $800 or 4% of the goal9) Triplex in Berlin- acquired from auction winter of 2016 Moved to on hold until November for Roofing crews. 4200 rent roll estimated 125,000 acquisition. 85,000 renovation, valuation estimate of $300,000 looking for 75% refi Cash Flow above expense of $1000 or 5% of goal10) Quadraplex bought in Bristol CT for 70,000 without entering the house.3000 estimated rent roll- 70,000 acquisition, 80,000 renovations valuation estimate of 300,000 with an estimated refi of 75%Cash flow will be $800 above expenses or 4% of goal.So if we complete these all by 12/31 we will be at 32.75%, close to ⅓ of the way to the goal. 

Wondering what your thoughts would be regarding a Virtual Project Management service to serve investors regarding: Estimating, Takeoffs, Permitting, Interior/Exterior Design Plans, Project Coordinating, Time Management, Receipt tracking, Light Bookkeeping( Payroll Included ), Communication, Daily photo sharing, Real-time Job progress tracking, Projected profits, Photo book creation, and overall daily tasks that can be done from a phone/mobile device or computer...Pretty much a complete Virtual Project Management Admin office...My Question: Any additional suggestions or topics that would be beneficial to your needs in which a virtual service could accommodate?

According to a recent GAO report there are approximately 26 qualified custodians to choose from who provide various services and permit specific types of investments.If you are planning to buy and hold property, you can do it directly in the self-directed retirement account (I call all types of self-directed retirement "SDRAs").