I would rent out the house while build out is done to get the revenue, the large acreage would support not only self storage, but along the highway some store fronts, may be a gas station, make it mix use to diversify the income.

Does building code require a gas range to have a hood vent? 

Repairs do not have to recapture when you sell the house too.)16) Utilities17) Pre rental expenses ( expenses incurred before finding a tenant )18) If you use your Car: This can include- oil changes, Maintenance, gas, repairs, parking, tolls, and depreciation.

On an initial walkthrough, you are making a list of the immediate and near-term capital expenditures that are going to be required ... you'll then factor these into your underwriting and they'll influence any offer that you may make.With a small property like a du/tri/quadriplex, the key things I am looking for on an initial walk through are:1) Is it a conversion or purpose built;2) Are utility services (electrical, gas, water, etc) common or separate to each unit.  

If I got the property, I would want to convert to natural gas.

Questionable items like this make me wonder what's going on.Utilities - Gas* $1,297 I would want to see these numbers verified, that seems very low to heat the common areas of an old building like this even though starred items are supposed to be actual.Utilities - Electric* $1,749 Utilities - Water* $5,418Property Taxes* $12,033Insurance* $1,834 I don't know if Chicago is just magically cheaper to insure, but my insurance is closer to $8k a year in Texas.

Also an inspection of the priperty revealed that noone has lived there in some time the gas meter was gone and the weeds were high.

What is your typical operating expense ratio/expenses:WST, Gas, Eletrictity, Insurance, PM, Capex, R&M How did you add value to your property?

With the windows if the argon gas leaks out, accidental glass breakage (the two biggest exclusions on warranties) are both covered for the full 50 years.

So some investors will choose to exit real estate via a 1031 and move into oil, natural gas, and mineral resources which can qualify for 1031 treatment.It may be the right move for you to sell and incur the tax (either now or later.