I will PM you to discuss more details!

The concern is that there may be some technicalities within the PM side that might prevent us from doing this, so that’s where I need your help!

I was wondering if we could technically take some of the proceeds out to have more reserves on hand and use those future losses as a way to offset the gains from keeping some of the sale proceeds.

To keep this post shortish I won't get into the details of how I justified doing this deal but everything else went well until 2 weeks before closing.Two weeks before closing, I get a call from the lender that they have some changes that need to be made to the appraisal that The Bank made on the house, but The Bank didn't have access to it anymore.

PM me if you'd be interested in further details and I would be happy to share the thought process on my end.Congrats on finding what sounds like a great deal!  

Detailed electrical compliance along with the long overdue & more stringent fire safety requirements such as fire sprinklers & 24/7 first responder alarm panel systems etc.

TaxesInsuranceMortgageLoan acquisition costs (settlement fees etc.)Utilities during rehabMileageRepairsCapital expenditures (detail what it is & cost for each because different life for each)Meals MarketingService / laborOther / misc.

Technically Humboldt Park but right on edge of Bucktown/Logan Square.

😊I did not see that my brother posted these details already whoops

Technically, it is called "portfolio income" and is taxed at ordinary rates.Your lender probably confuses business income with ordinary income.