@Bruce WoodruffJeez Bruce-  no pets, no smokers, no lawyers, hairdressers, strippers, linesmen, auto mechanics, insurance salespeople, etc.

The bank won't have a problem financing the deal either...I just feel as I am not getting compensated for the repairs as the building is on the tail end of needing a mechanical refresh... he's getting out a good time and the market is pretty strong.

life picked up shortly thereafter which pulled me away.Since then I’ve been working in tech in NYC (IIoT / predictive mechanical diagnostics), and have recently decided to step back up to this challenge.I love NY, but don’t see it as a realistic jump off point for my REI ventures.

Beyond the mechanics of the loan, I can share with you that you should announce your desire to the world to privately lend money.

If you are replacing mechanicals I assume you are vintage 2005 or older.

Them being the 3 mechanicals (HVAC, ELECTRICAL, PLUMBING) and ROOF.

The "realtor" repping those Zillow properties in the Twin Cities is so systemized I don't think they would ever entertain (or even really have a mechanism to communicate) an offer with a cut in buyers side agent commission for a higher Zillow net. 

Allows for keeping rooftop mechanicals.

Once the contractor has begun, he has the legal rights to be paid OR to file a mechanics lien on the property - - Universal Commercial Code.

You aren't doing much mechanical work on a house in Chicago in that price point with permits, etc.