There's lots of updating that could be done to head down a BRRRR path in this unit, and it cashflows quite nicely at the LP...but...Property was already appraised at 10k higher than my offer, but sewer inspection showed multiple cast iron pipe and non-code stack issues that will most likely be 10-20k of work (my guess, haven't gotten formal estimate yet).  

SInce the Tax ramifications of this are way over my head, if anyone has a referral for a CPA in Chicago that has some experience in real estate, let me know!

I'm trying to wrap my head around an idea and I'm hoping you guys can help me out with some facts. 

Our plan was in our head, and we did a lot of things that could have been avoided if we had the 'roadmap' to guide us there.

I won't do cooling they can use window units, but yes head I will have to do as well.

At least that's how the debate goes in my head lol.

Also, if I buy a 2 unit it gets it's own LLC, but a 100 unit would as well... so that is a bit of a head scratcher from that standpoint.

I appreciate the heads up on financing.  

Don't be afraid to head north or south.

Have a base number in your head (I believe something between 5K-10K is realistic) but let them speak, you never know if they'll say more.You can also up your rent a bit since they are now locking the price for the term of the lease portion of the agreement.