Hi,I've been in Real Estate for 6 years and actively investing for 3 years now.

I think the issues that you are going to run into is that technically you incurred these costs before you started your rental activities and before you placed the property into service.

Major game changer.Good luck Lise!

BUT the seller has been doing some major renovation work (new bathrooms, plumbing, electrical) but without Chicago permits. 

Also be sure to get good legal counsel if you elect to move forward, there are a lot of moving parts to a deal like this and you could overlook a seemingly minor point that creates a major problem later. 

It turned into a major renovation project, but it all worked out in the end. 

You can even go diamond pattern to the linear strip then square the rest of the way just to mix it up from bathroom to bathroom.Ultimately you should go with what a majority of yoyrvtenants will like the best and whatbis the most cost effective (which equates to cost per tile vs the longevity of the tile).

There is new construction happening on the block already and it's very well located near major public transportation.

The form requires the appraiser to input comparable sales and also active rent comps.

Not “testing the waters”, I am actively looking for a hard money lender to get started.