So, I'm assuming 30 min south of Joliet means you've got gas there and if so, I can't see why you wouldn't go with gas-even if somehow a heat pump can come anywhere close to the cost, as Rob mentioned, when trying to sell the buyers will walk in and say "Electric heat??!!!

Some of these properties I don't even trust the wood that I am walking on. 

As you can see, a total gut and 1000sf addition won out.

I am glad to have a forum to discuss scenarios and ideas in addition to networking.

Initial plan is to acquire a 4-plex and then move on from there into potentially flipping or additional multi-unit properties.

Ideally I'd like to walk the property with a project manager and discuss what I want done.

I am also in need of experienced real estate investors who can coach me online about additional information i need to know also, but any help is welcome. 

If you put down 30% or so, that gives the lender some assurance that you have something to lose and will not walk away.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

Given the original post is 3 months old Calvin Clark has either closed or walked away from this deal.