There were many other issues with the property, rents were not what Elite had indicated, sewer backups (which first occurred during a 12-month property warranty - no reimbursement was provided), poorly sourced tenants, long delays in finding new tenants, and multiple citations from the City of Chicago for trash on the property.

If the anticipated reshoring of industry occurs it will most definitely benefit these areas.

High likelihood one partner wants out before the other, so get all the details sorted on how that equitably occurs.

This can occur if a company's "identity" is stolen, ie someone other than appointed managers or owners - use company ein to open a bank account fraudulently. 

It probably did not occur to them that they'd potentially have to do this by hand. 2.

Was there some negotiation that occurred between parties?

Most rot occurs next to the gutters and down next to the ground of the house and around all trim.What I did when I had my quad buildings was they had the old cedar wood siding.

Once/if interest rates drop and a refinance occurs, and rents inevitably rise, this property should be one that I my wife and I can move out of in half a decade or so and reap cashflow from.

Makes sense the majority of SFH flips appear to occur in the south & west suburbs. 

If the loss occurs before the 60 day period then it was not vacant for over 60 days before the loss occurred, even if the date of discovery is after 60 days.