So even if it "looks" like it doesn't need much work it probably still does......So I'd almost always rather buy something that needs updating since the mechanical systems are almost always old anyway.

Try Chris @ CRD Mechanical - Tell him Dana Carberry referred you - Best of Luck - Dana

I studied for my bachelor's in mechanical engineering and graduated fall of 2016.

Mechanicals look good.

But when I say full gut and rehab I'm talking: taring everything down to the studs, updating plumbing and electrical throughout, probably upgrading the panel, adding duct work for heating and cooling, new mechanicals (boiler, A/C, etc) , hardwood floors, new kitchen, new dry wall and insulation, paint, finish work, etc.

Background: 5) a large vacancy (reportedly 2200 sq ft.) last year, (which is now filled) prompted seller to list property for sale but with no takers. 6) since then seller has filled the space. 7) seller has owned it for 10 yrs possibly buying at the height of the market. 8) seller has made some exterior cosmetic and mechanical improvements in that time. 

The entire garage door & mechanism was still up in the ceiling.

Any recommendations for 1) brokers who could do the BPO (ideally I bring the broker to ensure Independence); and 2) an Illinois lawyer who will know the mechanics of setting this up?

Keep in mind I am NOT mechanically inclined At ALL. 

We know that a mechanical component has a life cycle and we're tempted to replace them at the end of that cycle.