They can tell you minimum lot size, set back requirements, etc. and the procedure to follow if the lot is allowed to be subdivided.

I agree that over-improvement results in a too-long, pay-back period which erodes your returns, but it does not automatically follow that it increases your long-term maintenance and repair costs.You could take an old, draughty, Victorian building, tighten and insulate the building, replace all the windows and doors with more energy efficient fenestration, and improve the HVAC.  

I plan to follow up on it but wanted to get your thoughts also.

We will be settling in this area long-term, potentially forever.Our first world problem gives us the following options:1.

I'm following along on this thread to see what others recommend, but have though of going out of the county to get more specialized real estate advice.

I heard that self managing the rentals for a while helps build experience and truly understand what PM's face ,but I have no experience .I was hoping to use different services for the basic tenant management tasks ; I was wondering if anyone has any advice on the following:1>Rent collections - I am hoping there are services that can help me collect rent, call the tenant if late to remind them ,take some basic calls from them regarding rent collection .

Currently I own two single-family properties in Chicago and am following the buy and hold rental strategy.

You go to a lender that has the following loan parameters for fix & flips: 90%LTC (90% of purchase, 100% of rehab costs), capped at 70% ARV. 

Hope to follow.

The strike price can follow the declining principal balance.