I know the urban crash rents by the room. they are a bnb set up.clients can be anyone at all that visit the city or anyone that needs a place to stay.consider you are having someone in your home, so you have to ensure its clean and presentable all the time.

If the park has it's own septic system you'll need to ensure there aren't any hidden issues which can be very, very costly. 

Hello fellow investors in Chicago area, do you have a recommendation on any attorney or title company who can help a private money lender to review the lending/mortgage doc to ensure the property is clean and the lender is registered as 1st position?

I may go that route, but wouldn't I have an option not to limit the amount I take out to ensure I do not incur the neg cash flow?

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.

For a buy and hold investor this is truly an awesome way to acquire properties, force equity, and see great returns all while you are learning and being shielded in a sense by working with a consultant to ensure the renovation is completed to acceptable standards!

Even though it's "totally redone" I'd personally still account for maintenance and capex, but would be more forgiving on the low monthly cash flow per unit since those expenses may be relatively unlikely.Additionally, I don't get inspections when I purchase, but since there was a fire I'd definitely get an inspection to ensure things were actually corrected and they didn't just slap lipstick on a pig.

I want to ensure I am asking the right questions as to not waste my or their time.

Any good recommendations would be greatly appreciated as we must ensure that we have excellent property management in place.

As I am investing from out of state, I wanted to make sure the area in which I purchased would be more desirable, so I could ensure a decent tenant pool and make it less likely for disputes to arise.