The attorney took care of the legal side to get it off of the demo docket while we worked w/ the GC to obtain the permits required for the renovation & then executed the renovation project.While taking a trip to the City of Chicago building department may be educational, I think the best use of your time is coordinating w/ your attorney & your GC.  

A large percentage of investors are managing them improperly, typically marketing and operating them like short-term rentals without realizing they are long-term rentals and long-term rental laws apply.I'm just trying to keep people from getting themselves into a pickle, but the masses don't seem to care.

I bought it because I love this city for cashflow and buy & hold investing, even at that price the deal and numbers still made sense, so I didnt care about getting it at a discount.

My advice would be to purchase and read the BP book "Long-distance Investing" and start there.

Your guidance would be greatly valued as I embark on this exciting new endeavor.Thank you for taking the time to read my post.

I'd be careful about refinancing, as it costs thousands of dollars in closing costs (lender fees, title fees, recording fees, etc.).

They take great care of it and it does well.

Hakim, It reads like you want to do a lease with an option to purchase. 

Looking forward to reading about your progress on the forums!

Payroll, Health care, PTO, vacation pay.