They will use the comparable sales to determine the cap rate for your property as well as help them in determining the appropriate NOI for your property.  

It must file the appropriate forms with various state and federal agencies monthly, quarterly, and annually.

If it is some kind of online thing they run from a bedroom, I probably wouldn't sweat it provided they let me know in advance and there is no law or HOA provisions against this and they have the appropriate insurance and licenses. 

Property InsuranceTenant shall be responsible for acquiring and maintaining the appropriate insurance for their interests in the property located on the Premises.

“Streamline Option” – or “Limited Repair Program”Total financed rehabilitation costs cannot exceed $35,000Maximum Sub-Contracts is 3If more than 3 are needed then a General Contractor will be requiredRepairs are limited to cosmetic repair only.

Sorry if I was too opinionated on the seller's story -- you're there and I'm not so you know more than I do on the facts.Yes, you can raise the rent internally to whatever level is appropriate for the market.

I know this is just business, and I should charge appropriately, but it's not important to me.

Depending on what you're doing, will also need licensed plumber, electrician, HVAC stamps too.A GC would manage most of that for you, as Allan mentioned, but you still need the appropriate professional credentials to stamp the drawings and fill out the appropriate paperwork.Hopefully someone more savvy than I has a better answer for you.Where in Chicago is the property located and how much work are you actually trying to complete?

If the city gives all appropriate noticesto each mortgagee and lienholder as required by statute, the lien is a privileged lien subordinateonly to tax liens.

A best practice would be having what utilities they are responsible for in the lease and potentially providing them with the appropriate contact numbers.