The garage door opener is connected to a extension cord. 

@Eric Eastman, it does sound like performing mortgage notes would be a great way to invest your money without some of the time commitment it can take to manage rentals or definitely to purchase non-performing assets.  

@John CasmonA few years back that stretch of King was some of the roughest few blocks in the city but that has changed because almost every building has turned over 60th-63rd in last 36 months or has been rehabbed and is being marketed now.  

You don't have any control how that cities economy going to perform during the time in which you own your rental.

I am 62 and since IRA's are not performing that good, I was thinking per my questions.

The price is $320,000 (the owner won't negotiate) but the building needs extensive work.  2 of the apartments are partially gutted and need renovation.

@Michael James BrooksI wrote a pretty extensive article for BP on the issue of whether or not you have to pay self employment taxes upon the sale of your property.

They have knowledge of rents, demand, turnover, specific blocks that perform better than others.

@Lisa MazzarriI know several title companies in Chicago who perform double closings, and can answer any transactional funding questions you may have.  

Considering they all have the same term of 12-18 months, and a projected net profit of 1.5x equity multiple, (a $1MM project, with a $1.5MM ARV) which would you rather:-Debt securities, secured by the property, monthly returns, typically at a higher rate, no accrued returns or profit sharing; or,-Preferred equity, higher risk, quarterly returns at a lower current rate, with a set accrued return which brings your total returns higher than would be with debt; or,-Common equity, highest risk, quarterly returns similar to preferred equity, profit sharing upon sale or refinancing the property based on your % equity ownership.Also, any additional information you're willing to share would be great such as the type of deals you've invested in and the performance/results of those investments, especially if they influenced your decision.