@Roberto Gutierrez  yup half street improvements leading to nowhere .. been there hate that.Portland is in the 40 to 50k range and so are a few of the cities.. out lying cities can be as low as 15k.

Wondering how that would work since I've owned it for 4 years now.Unfortunately there is no benefit to you unless you have a buyer that is wanting to "substantially improve" the condo, i.e. double the improvement basis. 

I do use HELOCs and LOCs as emergency funds, but I also have access to my 401k loan if that "freeze" ever happens. 

I just don't know how much of an issue it actually is as of yet.I have thought about getting an estimate from a foundation repair company, but at the same time would much prefer to have an independent analysis of what exactly is needed instead of hearing it from someone who can easily inflate the situation to improve their own profit.Thanks for any tips!

@Troy Schwamberger you are correct. the 1.2x is a bank standard for lending, even if you are at 1 and not bringing home money, you essentially are making money. your tenants are paying for the house ( adding equity) the bills are all being paid for to run the property, pay insurance and taxes. you also get to depreciate the property and if you do any improvements to the property or repairs that gets deducted or depreciated while adding to the basis of the property, if it is a capitol improvement.

I also have access to my funds in my 457 plan, deferred compensation.

Some wholesalers won't talk to you unless you can show a bank letter confirming you have the funds immediately accessible. 

However the Cook County program has been improving in recent months, and Chicago is supposed to be working on theirs. 

Then meet with the broker and offer YOUR price. crunch the numbers as if you need to do the improvement and work on the Total COST base. 1963 Building may need re wiring and plumbing, new appliances etc etc - Tel all of that to the Broker/ Seller.Put an offer in with building inspection contingency, even if they want you to buy it As-Is.Make sure to put other contingencies according to your requirements. 

I have read about improvement exchanges and that won't work for what I am after.