800k is a lot of cash doing nothing - - but money market CDs aren't worth the effort (at this time) either.I would guess your 7 units are SFRs, so you should be able to get some level of LTV in a cash-out refi and use that to fund another purchase.Caution: don't try this on all units at the same time!  

Ideally the PM I work with will be resourceful, honest and has a certain level of business acumen.

The investor purchased the asset with the intention of renovating the units and adding value by increasing rents.South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents.

I suggest putting in at least 4 inches to cap your building and improve energy consumption, At the time of the tear off coordinate renting a blown insulation machine too and you can add insulation from the roof into the attic/crawl space above the ceiling level to avoid interior repairs.

Your scenario comes with a few loan level pricing adjustments.

Ideally the PM I work with will be resourceful, honest and has a certain level of business acumen.

Many posters on here are giving opinions based on various experience levels and particular strategies they have found success with and see value in.Someone making 300k a year isn't living off of the investment cash flow.

Final and most important point, surround youself with people who are very knowledgeable and look at for your interest becasuse I have found in life that most things can be accomplished if creative thinking is done but most important planning ahead and that might, depending on your level of expertise, mean you need to find a few investors or CPAs, or investor groups to hook up with.I am investor and every true investor I have met, actually loves helping people succeed. 

A one-off is ok) - your S-Corp automatically converts to C-Corp, and you're taxed at the corporate level at the corporate rates (you then lose the capital gains rates, personal brackets, etc).

Do the activities in this particular case arise to the level of quantum meruit; ALA the painting?