This will help people connect with you after determining how their goals, services and resources align with yours.All the best to you on your journey!

Can you fix the place and still service the debt?

The period you can begin to deduct expenses  starts when it was "placed in service" this means when it was listed as available for rent.

The title company will either have an affliate they will send you to where your at in Chicago ( same underwriter usually) or hire a mobile notary service.. these are quite strange .

Always have your deals sealed in a non-binding contract. 

Furthermore there will be a "non compete" clause to prevent the apartment from adding additional in unit connections.

@Gabe Bouldien@Chris Seveney and @Doug Smith are mostly on target, but there may be a small window of opportunity.Any contributions you make to a current employer plan will be locked into that plan.You may, however, be eligible for an "in-service" distribution based on the language in your plan document.  

You need to meet one of them to be considered materially participating.Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursThe first three are the ones the majority of real estate investors will evaluate and attempt to qualify for....

Anyway, if it’s murkier than that, and there are circumstances that trigger some sort of non-compliance zoning/code issues, then you’re at whatever the hell process they say, and you better follow it through, cuz they have the law on their side if that’s the case. 

Not implying your agent is taking advantage of your beginner knowledge just to offload a property and get dual agency commissions, but again, might not be the worst idea in the world to have someone in the Bigger Pockets community who's local/understands the Charlotte market to take a look at the deal you're getting ready to move forward on.As far as inspectors, I would recommend one that we use for our business that is in the Charlotte/surrounding areas.Precision Inspection Services - Steven Lee - 704-575-2917