Network and build relationships with these agents so you become their "go-to" referral for their clients.

There are already 3 tenants bringing in a total of $7500 in rental income, if one moves out so I can owner occupy I make $5000. 

If you want to point the finger, we can blame the Fed for holding rates low for so long, and the govt for printing 5 T, making money real cheap and allowing these NY investors to over pay on the real estate.I guess you have to wait until the banks take these assets back.

This is commonly called a reverse exchange or a construction or improvement exchange. 

The reason being is the house is "owner occupied" so you can't count rent against it.

Have your brokers made calls to tenants in the area that they feel might fit well in that space?

I have been investing for 3 years and so far my cash flow percentage (out of total rental income) is around 1.5%.

Doing so will help others to not make the same mistakes and disarm scammers in certain cases.

Each unit in teh building has their own master water shutoff valve, so I can't imagine it will be that difficult to get some hardware + automated billing system through someone.

Hey @Adriana McLaughlin - I am not a tax expert, so I am tagging @Steven Hamilton II and @Aaron Zimmerman both local Chicago accountants.If you are even considering becoming a real estate professional and leaving your W-2, it sounds like you already have your answer—you should totally do it!