i know that's a big expense... but so is buying the wrong property and getting hit with thousands or tens of thousands of dollars in capex

Each option has its own benefits and drawbacks, so it's important to research and compare to find the best fit for your specific situation.3) It is reasonable and possible to turn your grandmother's property into a profitable vacation home, Airbnb, or rental property through the construction of a duplex.

However, it does come with some specific rules and procedures to follow.

Some specifics about the unitsAll 8 units are adjacent to each other in a row.

It also abides by the residential landlord-tenant ordinance, which if you use other leases is where a lot of things can be missed.So while I don't recommend using it without understanding it, it has been pre-vetted by attorneys so is actually a pretty good lease to use for anyone new or old (but specific to Chicago)

In the few times I've looked into it before, the single apartments I saw (via a broker) were not profitable after tax.Any specific questions?

Worse case the property is sold to a third party and note paid off.Can things go wrong - perhaps terribly wrong?  

I'm monitoring the rental situation on Zillow, specifically in my focus zipcodes.

You're asking the wrong question.

If they do anything wrong on the Internet and you're contacted you simply say you shared your wifi password with your tenant John Q.