I'm not looking to do granite countertops, just a standard rehab for a place that's appropriate for a lower income neighborhood, so a luxury rehab is inappropriate.Thanks!

While Vacancy will be fairly steady based on the state/area you're looking in and Property Mgmt. will be fairly standard as well, you can and should modify your allocations for Repair/Maintenance as well as CapEx based on the age and condition of the property you're analyzing. 

My guess is that within the next decade or two all new construction - commercial and residential - will have to comply with "green" standards. 

After discovering BP, I now have the confidence to take action and work towards buying my first piece of real estate.

Lastly, after you receive advice from other Chicago area SLH operators & the local municipal agencies that will not only save you time but direct you towards ways to save you money, you are going to likely want to register your business as an LLC with the state and obtain the proper small business renters Insurance policy under your LLC’s name (if its just a 2-3br operation the policy monthly premium  cost will be very low and will shield you as an individual from the very probable situation of being personally liable for the behaviors, damages, & actions of a traditionally high-risk short-term tenant group bc no landlord’s homeowners insurance policy will cover any damages or personal liabilities that will occur when they discover the nature of the operation.

In a standard split when agents are involved, it’s usually 2/3 paid by seller plus title insurance and the other 1/3 by buyer.

Purchased this duplex that needs some attention to bring it up to today's standards.

When I went to look at the units I discovered one tenant had tin foil all over the windows and walls.

It's time to set the new standard.

Wells Fargo was the only one who was willing to lend on it, and they came back the following week and said they just had an update to their lending standards and that they were no longer lending on any investment properties (which makes no sense to me).