. - Both parties share the risks, including market fluctuations, project delays, or unexpected costs. - It’s recommended to have clear agreements outlining each party’s responsibilities, profit-sharing ratios, and exit strategies. 4.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

The property offered a balanced investment opportunity—enough to significantly enhance its value through renovations, yet manageable in scope and cost.

You might want to partner up with a friend or family member to mitigate the costs.

I'm very good at running comps and determining rehab costs.

There are no upfront costs so why not establish a relationship with someone who actively represents real estate investors and move forward with vetting your ideas.Best.

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

.✅ Knowledge of Chicago Rental Laws – A good property manager stays up to date on local laws, helping you avoid costly legal mistakes.✅ Maintenance & Repairs Handled – No more emergency calls at 2 AM about a broken water heater!

•If your real estate broker’s license allows you to handle evictions, advertising low-cost eviction services can be one of the best lead generators.

I am trying to get a good hang of the rehab costs since I’m new to the are (from Dallas).