if so -  ask if you can  ask for a  reconsideration of  value  ...in order for this to have any  chance to  work you  will need to review the appraisal and  provide a list of  any errors  and also  bettter more applicable  comps  that the appraiser  shouldve used  ...if you cant provide any details to increase value  - it wont  change   2) does your  purchase contract  have any wording  on  being able to  adjust the  price  should value  drop   3)  if you want the  property - can you adjust the loan amt to 119K  ( 85% of appraised  value ) and   bring in the 141K difference ?

Ripping out the wood paneling/disposing it is costly and drywall/mudding and taping for an entire complex is going to hit your rehab budget hard2.

Illnois has more red tape vs Indiana in my opinion!! 

Think how fast your PM could fix your DOM if you said you didn’t like the high #  they cut your rent 10% and boom they have approved applicants 2 days after listing.

@Gabriel Sanabria most of the pro’s are tied up in the differed Capital gains and the potential to eliminate a portion of Capital gains depending on how long you hold.The cons are red tape and location.

The old gravity furnaces on the other hand, I don't hate (except fo the asbestos tape around the duct work and it's not usually a problem if you leave it alone)-- They are very inefficient (60%) but there is nothing at all to break, they work even in a power outage, and they put out serious heat.

I did the permit runs / checks to assure there was no open permits, but as learning the hard way they did not submit any applications, thus none were open.  

Copies of rental applications for all tenants (may not give right away, but always obtain)3.

But the statutory redemption amount plus 3 years of ground rent plus the SDAT processing fee would have been paid when the application was submitted to SDAT.

The 1003 or loan application clearly states you attest that this is all the liabilities you have or know about and most loans to your LLC’s have recourse or require a PG (not all but often they do).If the borrower signs as an “individual,” on the mortgage or promissory note that is them as an individual pledging to repay, now if they sign as a Manager of XYZ LLC that is a different story (then there might be a separate PG document or perhaps its non recourse or not personally liable).Above is in reference to conventional financing and sure there are DSCR/rental loans out there or other types of products that dont care about DTI (non conforming products, hard money, private/portfolio etc).