I also sat through a presentation from one of the Cook County politicians who spearheaded it, and I totally get what he is trying to do if I look at it from his perspective.

In the meantime, I'll be using a cost-seg to accelerate the depreciation and have a big write-off in year one (2021).Question: Since I'll be using a 1031 and deferring the taxes owed on the gains (+ depreciation recapture), is there any point in holding it for 1 year+ vs less than 1 year (as I assume that the tax implications would be different)?

Just want a better idea before I present another offer for lease option.

  $125,000 - $40,000 = $85,000 less realtor fees to sell it, and will a lender finance it in it's present condition.Also, those pier and beams go out of wack all the time and maybe just adjusting them will fix it.Some of the older homes are jacked up with all kinds of automobile junk yard scissor jacks and Auto Zone bottle jacks, piles of rocks, stacks of 2 x 4's on grade, wooden shingles, tar shingles, etc... vs proper peirs.So maybe one of the renters (or one of their friends) crawled under there and removed the jacks to use on their car repair or sell at the pawn shop for beer money and now the floor bounces.Meaning get a 2nd opinion from a pier company (that's legit, has an office and a website, etc...) and have them confirm the ROT--if any.Because the floors do rot (sometimes) and also the piers go out of wack and sometimes also sometimes disappear into thin air--and no one knows what happened to them.Getting a 2nd opinion on if there is rot--with cell phone pics of it--would be smart--if none then adjust/replace the jacks.Good Luck!

I took the 40-hour course and got certified to do lead abatement about 15 years ago and never was interested in getting involved with lead abatement.Lead is also found in older bathtubs when lead was put in the glazing and in ceramic tile.Personally, I think lead is more dangerous than asbestos because lead causes very serious mental issues for children children where they really do become mentally handicapped vs. the b.s. about mold and even when asbestos is present in a rental unit, or commercial building the chances that the asbestos is loose enough to circulate through the air is slim to none, but there are some rare claims.

I'll actually be presenting on the new ordinance next Tuesday (9/21) at NUREIA.Hope you can make it!

Chicago multifamily is mostly trading in the 5-6.5 cap range with the occasional "7 cap" when there is a TON of deferred maintenance.

While I respect the opinions above, I think it is important to also point out that the advice provided is one persons opinion and advice, as strong as it is presented, it may or may not be best for YOU.

I don’t know a your specific codes but if wetlands are present on the property, there are setbacks and other rules to follow which could make some lots lose their value.

I would personally would definitely buy in Albuquerque if the right deal presented itself.