Our gut instinct is to put the tenant relocation upon the seller as part of a purchase and sale agreement in a manner that is allowed under both Federal and local regulations and incorporate that time period into our development activities--i.e. budget and development planning and preliminary approval of financing by our portfolio lender--we would probably hold off on architectural and permit work until seller and tenant have come to an agreement for tenants re-location and hopefully close on the property after the tenant has actually vacated the unit.

Thank you for reading and again, this I am still in the preliminary research stages looking at the different markets around Chicago.  

I'm still trying to do preliminary underwriting. 

Preliminary walk thru and when I arrive two police officers are there at the tenants request to try to make me look bad.  

Account Closed There is a school of thought supported by some case law regarding raw land and 1031 exchange that as long as it remains raw land it is much easier for you to establish your intent to hold it as is for investment - even if you do some preliminary exploratory planning such as entitlement/renderings etc.Once you turn a shovel you are now seen as creating something that is construed as inventory.

Hey Melissa,First, congrats on finding a location that you like and working out some of the preliminary details!

Indy is a great market but you also must come here and see the areas for yourself after your  preliminary due diligence.

I have focused my preliminary searches within a few hours drive of NYC, almost exclusively only in NY State.  

I would wager that more than 80% of downtown office workers earning in excess of $60,000 per year do not reside in the city of Cleveland, but instead in one of the nearby suburbs which are less than a 5-mile drive, train or bus ride away. 

You are making a bet, perhaps an educated guess, but just the same, a wager that average home prices in a given community will increase.People who buy with short term gains in mind are speculators; they often just don't know it.