This post can be informational:https://www.biggerpockets.com/forums/51/topics/1088325-expla...as well as this discussion:https://www.biggerpockets.com/forums/51/topics/1225072-do-i-...A lot more of similar older threads can be found on this very forum.

There's a lot to this and illinois will not approve you without these things in place, as well as some others.Good luck.

Most importantly, learn how to manage it well so you don't squander your investment.

One suggestion to consider as I mainly do BRRRRs as well- find a local bank or credit union in the area you plan to buy that offers construction loans.

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

Hello Michael Baum new here and to STR, would you mind sharing with me as well?

.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

I personally make well over $100k/yr cash flow from 21 buy-and-hold properties here.

They need a well-designed workspace, ultra-fast Wi-Fi, and long-stay conveniences like a washer/dryer and a fully equipped kitchen.Why This Matters for Your ROI:When your STR feels tailor-made for a specific type of guest, it stands out in a crowded market—leading to higher occupancy, better reviews, and repeat bookings. 

Exposed wire are a safety hazard and if they where missed by inspection  you may be able to complain as well.