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A self directed IRA is not a way to get around the tax code and access your money before retirement age.  

I'm not sure what the code is for replacing water heaters, but a friend who is an insurance agent told me that an improperly/illegally installed unit can result in any damage claim not being covered.

Make sure you set up a separate entity for your long-term stuff (or even better an LLC for each property...) and one for flips if you end up doing any - that way there's no chance of being hit for self-employment tax as a 'dealer' under IRS code, for properties that you should have only been paying long-term capital gains tax, on sales of properties that you've held for over a year.

Are there any Chicago landlords out there familiar with smoke detector code in Illinois/Chicago? 

After taking a spin through the housing code, here is what I found: 1) houses built after 1987 have to be hardwired; and 2) houses built after 2011 have to be hardwired, and have a battery backup.

What may be required are things like getting a Certificate of Occupancy for the new units and inspections depending on local building codes.

My main priority is to get the place up to code.

., specific zip codes).

I would take the hit and find  licensed plumber and start entire process over and install "something" appropriate to local building code and obtain a fresh warranty.