I think there is going to be more foreclosures in time hitting the market as well as the banks sort through the covid mess. 

At this moment in time my goal is just structure and organization sort of getting ready for few years down the line.

Just make sure some sort of operating agreement is drafted and executed outlining whose rolls are what, who has decision making power to spend money on the asset, sell it, etc. this way you avoid conflict later.

You sort of miss out on the formalities of how estates are settled through the courts.  

That’s sort of a lopsided “parent friendly” version where they see you as the ultimate owner, but get a return on their investment, and they still have security on their money.  

All sorts of problems can emerge in the first few years.

Usually I will choose materials by just sorting home depot for the most popular items, but I have terrible style so they don't always come together. 

Just wondering if anyone has done some sort of deal or worked with someone who is willing to do this?

I grew up in NYC, so rents going up was never unexpected, even if it was $100-$200 per year, every year, and if you bought something in the year 2000, I imagine you'd have made a fortune if you still owned it in 2022 and I'm sort of hoping for a similar experience with Chicago.  

Building codes are there to ensure the property is safely built (you could run into all sorts of problems down the road).