@John Park The condo fee is average in terms of the cost.

Your current accountant should have the exact number that is your adjusted cost basis of the old property at their fingertips. 

So our entry costs were minimal.We didn't have to put it on the MLS and paid the buyer's agent who found us through a Zillow ad.

Management costs would be yours not their current. 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

I am not a contractor, and have no experience estimating those costs. 

LOVE this software for the flexibility and cost - inexpensive set up and monthly costs by comparison to others like Liquid Logics and the Mortgage Office.

All it takes is one inspector to be perticular about the measurement, and it could cost you your entire basement, or add the cost of trying to lower the slab After you completed your remodel, which means a lot of rework...One additional bit of information related to the City of Chicago Building code which I hope will help someone in a tight situation down the road.

You are probably going to killed on costs there.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!