There's much misconception regarding the roles of custodians and administrators, as well as the extent to which they should be relied on for advisory services.There are many excellent companies, but as the number of custodians/administrators has swelled it has become increasingly difficult to navigate the space.

Best of luck increasing your portfolio!

There are a lot talks about FHA loosening these restrictions which will in turn increase the available buyer pool for these units and increase the demand and prices will shoot up further.

Depending on what they have or haven't done in the past that house is just a sitting liability and liabilities often increase in time with increasing balances and foreclosures. 

The seller responded that we should increase this that is typical for a single family.The house consists of 4 single bedroom apartments that are each 4 rooms.

After 5-plus (if I recall correctly) years of 10%+ increases in price and single-digit days on market a drop to 5% price inflation and average 30 days on market would feel like a dip.

I live in Chicago, not terribly far from Wrigleyville, so I know that area and what rents command and how popular Airbnb rentals are in that area.

As for existing tenants, I would maximize the rent as soon as possible, whether that is receiving the property vacant or increasing current rents.

The latter options may not appear to be as attractive, but they could possibly increase your cash flow on the quad, and allow you to purchase another property with an FHA loan a year from now.

By doing it this way it drops the cash on cash return (below 10-12%) because it is increasing the expenses.