New roof, New electrical system.

Yiu need a Poa, power of attorney to manage the bank, insurance, critical steps and necessary docs at closing and steps post closing.

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Will need to add bathroom, foundation, siding, electrical, all the above - estimating rehab costs at around $50k with me doing a lot of the work.

Tenant is responsible for rent, electricity and renter’s insurance.

You'll likely have to cover common area electricity and all of the water (typical for Chicago may be not your case).  2. 

In many areas some utilities are provided by government entities such as garbage and sewer, but also sometimes water and electric.

Is there separate electricity? 

Don't underestimate the power/value of a low interest rate.

But, if inflation outpaces rising rates or demand continues to outstrip supply, then valuations would not necessarily drop if you see increased rents that continue to pay for the increased costs of borrowing.Of course, while inflation may save you from seeing lower valuations, the purchasing power of all our money has gone down, but you will still be doing better than someone who didn't participate in inflated earnings.