For what it's worth, the duplex is in great condition and I'm in the process of scheduling a walkthrough.Any thoughts on a situation like this?

A call will be scheduled to explain more details of the two deals.

In other words...your current rehab costs will translate into higher depreciation expenses on your Schedule E when the house is a rental property.Best of Luck!

Set the sales price, determine a payment schedule that can be met even if there are hiccups in rent payments, giving her full rights to rent the property and in 10-15 years her siblings are out of the picture.If that won’t work, seems like she would need to get their permission (in writing) to rent it out, and all rent and costs (including her or your property management fees) would be split 4 ways.Check your local laws about whether you can manage the property without being an owner.

However, something with the seller's Schedule C isn't lining up with my expectations.I was told by the seller that they have maintained around 37% occupancy over the last 12 months, and I know the amount the seller has said that the cabins are rented for.

However, assuming that this correction, going back, would allow him to reduce his taxable income from his Schedule Es and, consequently, taxable income on the 1040s over the years - would he be able to correct those returns on this basis going back that far (he mentioned 14 years)?

I'm curious to know if there are any specific apps for the iPad or iPhone that is being used in scheduling start dates, target finish dates, sub management, homeowner appts, etc...

I know nothing about IL law, but putting a lis pendens on a property is generally routine and simple.

I found a listing on loopnet for an 8 unit building and I've scheduled to take a tour of the building. 

So, from an accepted offer on March 6, closing is scheduled for April 17.