From my research most states don't consider it a sale as long as there is no consideration (money) involved if it's an llc..

I probably even out when I take into consideration the extra time and effort that goes into dealing with student tenants.

Also, those people might be calculating cashflow not taking into consideration cap-ex.

I know these things can draw on forever, and will be at least 30 days until closing at that.

Upon consideration of the sale of the loan, you are the owner.  

It really comes down to what your property management process is like (as others have mentioned above) and Chicago heights is a neighborhood that you have to take into consideration from a block-by-block perspective; it isn't the greatest area from my experience thus far and as Mark has noted above, school district also plays a part in this as well.  

At the end of the week I assess the work completed and give him a draw accordingly.

When they first implemented it I had to draw up a parking plan.

Try to get something in writing from her that says she is voluntarily releasing possession and returning possession to you, with any pre-paid rents remaining with the landlord as consideration for early lease termination.

I know this question is probably hard to answer, so if you can give some examples of where previous projects have gone considerably over budget and what caused the problem that may give me a better answer.As always, thanks for the advice everyone, very valuable to a newbie!