Then I look at the condition of the propertyA = Brand new constructionB = 1975 and newer homes with a FULL renovation (Roof, HVAC, Appliances, All hard-surface floors, Exterior and Interior cosmetic repairs and paint, Hardware replaced, New light fixtures, Fenced in Backyard, and more!)

Those income limits were enacted because cook county was declared a designated disaster area back in 2013 by FEMA.

You will need to learn all of these components of a development deal: land acquisition, site selection and sourcing, zoning and entitlements, architectural design management, deal underwriting, financing, construction, leasing, property management, and sale or asset management. 

I was under the impression that Master Electricians, Plumbers and HVAC people designed stuff for commercial applications and supervised apprentices and Journeyman Electricians.

The standard ductless wall mounted unit is designed to be mounted high on the wall and some people do object to the look.

With the opportunity to raise rents by doing some exterior and interior upgrades should I worry If I can rent these units out for market value rents once we reposition the project? 

If that is an exterior wall I would make sure the outside is not leaking into the structure, insulation then drywall.

Jeffrey Stasz Pros: Free for teams of up to 15 people, Collaboration Tool Cons: Not designed for real estate Basecamp - “It is a good communication tool for everyone that is involved in the project.

We are primarily interested in acquiring units, designing/furnishing and operating them as short term rentals (Airbnb, VRBO, etc).

Like you mention, you may have synced (by accident or design) the busiest time in your rental business (acquisitions, renovations, sales) with the busiest time in your personal life (full time job, full, young family, etc).