However it was suggested we could use the room as a master bath since it shares a wall with the master bedroom and already has the water pipes in the walls.The exterior of the house is a little shabby but not the ugliest house on the block.

It also helps with the property’s appreciation over time.There are many different ways to add value, from exterior improvements like landscaping and painting, to complete unit upgrades like new kitchens and baths.

Further, the public was only provided 2 hours notice before this proposal was voted on in Committee.To learn more before responding, check out CAR's blog post on the topic here: https://chicagorealtor.com/take-action-oppose-the-proposed-amendments-to-rlto/To respond to the Call For Action (1-minute) click here: https://www.votervoice.net/ILRealtors/campaigns/74776/respond.Thanks for your support!

I am not opposed to keeping the tenant, but I want to make sure I do my due diligence.

If you don't mind me asking, what did you like most about using private money as opposed to other methods of financing?

At that point, I'd probably want the cheaper loan (which I believe would probably end up being the one you have now).I will say that I'm completely opposed to paying off a loan early (unless it's at such a high interest rate that you can't find an investment to compete. 

Exterior: new roof, landscaping, and paint.

Exterior: new paint, gutters.

For example, suppose this building, being older, needed significant structural work to reinforce floors, repair exterior brick work, replace windows, repair roofs, and all of the interiors needed to be heavily turned (new countertops, sinks, appliances, showers/tubs, toilets, flooring, paint, fixtures, etc) to hit the pro forma numbers.I'm poring over various spreadsheets to analyze a deal (like Michael Blank's SDA, even though this isn't a syndication) and Joe Fairless' free simplified calc sheet, but I've got some nagging questions on when to actually use certain values... hence the above scenario/question. 

.), as well as my connections I get at cost being a manager for a exterior restoration company.