However, when we returned home after the inspection, we noticed the buyer/inspector/buyer agent did not shut down our gas fire place and wall oven before they all left.

There was speculation that the oil and gas slowdown would affect the area a bit, but that does not seem to be the case.

@Nick L.I've spoken to one of the floor owners a couple times, one time 2-3 years ago at length when he agreed to sit down with me and discuss how he liked the building when I was considering purchasing another floor avail through foreclosure.I think the other floor owners do not have the money (part of the problem with the building are the high expenses (electric, gas insurance, property mgmt, elevator maintenance) all shared and divied up per floor - and with only a few paying in to these expenses it just exacerbates the the problem, secondly 2-3 people are owner occupy and they just wanted the floor for themselves, really have no interest in being RE investors.Where I see the opportunity is getting the building stabilized - getting the bad people out getting it leased up and getting the specials paid off - once this is done this would be an amazing investment.  

If someone offers you free money don't negotiate with them on who's going to pay for gas for you to pick it up. 

General home inspection, oil tank sweep, mold inspection.Purchase price is: $46,000Rehab cost: $12,000Taxes: $7,200/ yearFlood Ins: $200/ month (structure only)Homeowners Ins: $70/ monthHolding costs add up to be around $870/ month plus electrical, gas, water, sewer.Overall the property appears to be in good condition and it does not need a lot of work.

@Ashly Baugh Does Mid America supply the gas in your area? 

All valid points. 

If you're renting to them without a valid lease, that is, on a month to month basis, I think you should give them the month's notice required by NY Tenant Law, stating that that you are vacating the apartment for renovations after which there will be a substantial rent increase to fair market value.

Sid, your points are valid and definitely the rise in property taxes and the effect it will have on the value of properties and growth of the city may very well hurt RE investors in Chicago and Illinois down the road.

What is required is that you not allow your note to become "stale" that you continue to seek payment keeping the note valid and not abandon your rights to collect.