Also Cincy is now requiring every STR to get a permit, so the days of going under the city’s radar are numbered. 

If someone isn't pulling permits to flip a house they're probably cutting corners.

In Minnesota you would pull permits with the city saying you are making improvements. 

You may need to check with the city about permitting as well.

Definitely consider permits regardless though.

The operating agreement likely has an entire section dedicated to permitted transfers. 

It was just converted into a legal 3 unit to code with permits.

I am putting them on their own land in rural areas where it is permitted to do so.

I am interested to hear some of the experienced Chicago investors thought/opinions on how you think Mayor Lightfoot's plan to "limit aldermanic prerogatives" as it relates to zoning and permits will change the permitting process in Chicago especially as it relates to Expeditors.

If the repairs were DIY without pulling permits or getting inspections and/or not done in a proper manner, the investor might get nothing at all, because the repairs did not increase value.