My rent rolls would seem extremely high for the area if it was assumed that all the money was from one apartment, but it is truly income that is steady.

From what I understand, best practice in Chicago (which has an extremely pro-tenant system of laws) is to have the tenant sign an acknowledgement saying that the Lessor has disclosed any code violations.

I'm 23 years old entrepreneur and extremely interested in Real Estate Investing. 

Only offer buildout for extremely qualified (look at financials) tenants on a long term lease and build it into the rate.

Hey all, I'm fairly new to real estate investing, however, I'm extremely serious about it and have got my plan of attack down.

How is your market looking? I have been active in my market for 5 years and this is the lowest I have seen it, not much out there for sale at all. Unless a wave of sellers list this spring, prices will be going up.

8.4% seems extremely high.

Once you receive a call from a motivated seller make sure their expectations aren't extremely high.

Buyers are allowed and should ask to see every detail of previous years numbers, Tax returns, leases, expenses etc, etc,.When a seller is not forthcoming with support for every financial claim they should expect buyers to put in extremely low offers.

You (or him) need to spend 2-3 days there, hire a new management company, a 2 year vacancy is extremely odd, I would think your Dad is very embarrassed about this, try to dissipate that as much as you can... act now, get new management, evict the bad payers, new new tenants, stabilize, and THEN think about selling.