@Jason Porto we own mostly multiunit in the Chicago suburbs in the Berwyn area, and as I have scaled up I set aside $2,000-$2,500 per unit for reserves.

That is far from “the norm”.

The super came and said it is because of the wrong paint used not the vent. 

@Randall Ayers not sure if NEXT is hard money, but if you need a back up plan, you can reach out to Chris Eymann of SellWholesaleHouses.com. chris at sellwholesalehouses.com.

If utilities are present, the property is worth what other bare land properties in the area are worth.

Hopefully only a couple of weeks till it's up and running.

The good thing about househacking a legal multifamily unit is that lender allows you to use the vacated units of 75% market rent as an income to offset the potential current mortgage.

Based on the knowledge I have of the neighborhoods fundamentals and trajectory, will the most likely buyer still be an investor 5 years from now?

The experience of the housing provider is going to be the real challenge to getting you a set of keys to move in with...they have to qualify, pass inspection, sign a bunch of paperwork, and finally lease up and send everything into LMH. 

If the STR is placed into service at the end of the year, they can use the paper-loss from the STR to 'potentially' offset other forms of income such as wages, interest, dividends, etc.Best of luck