The building has 3 turn key apartments.

That is key for long term success. 

Learn how to add value to them (KEY HERE). 

Just be patient @Manasa Srinath you will find a tenant soon and be sure you’ve checked what your comp’s are renting for.

Purchase something already renovated with a renter and property management setup, and aim for a little bit of cash flow.I found a neat turn key provider called Pinnacle (http://www.investwithpinnacle.com), spoke to the owner, and also read through some of their BP posts.

@James Zhang, the key is building excitement for the property being new on market.

I am not trying to deal with a bunch of metal keys or 12pm lockouts.

Your last conversation should be pay or leave..Your last resort will be to offer cash for keys..

One odd question- can he show a picture of his 'Key Room'?

I think the key here is to look for value-add condo in a prime area of Chicago.