A buy-out would normally be established in the original lease, but if both parties agree (in writing) it may be feasible to introduce this.

., there is still the possibility that the land may not sell for a substantial profit.Additionally, the investment required in improving the land also involves time and energy.

Matt, If you are looking at historically built properties such as your classic bungalows, 2-flat and 3-flats in Chicago, many of those properties were built well before the modern zoning code was established.

They offer the three required salesperson courses you need PLUS the licensing exam crash course. 

Establish your Core 4, identify a strategy and choose a market that aligns with it.

Does your US state REQUIRE practising licensed agents/brokers to be members of a REALTORS® trademark brand/board?

Review your contract (again) and double check if you have an appraisal contingency in place... the question you're asking is not something you want to be asking after contract has been signed, deposit is in escrow, and the appraisal is already ordered.Assuming the appraisal comes in lower, you may be required to come up with the difference in cash at closing.

HEre is a guide to each city's requirements: https://azrtr.org/compliance/Overall AZ is pretty STR friendly, but of course you need to choose carefully as you already know.

You also get to be cash fluid which helps with having liquid reserves required by the banks/lenders.

Some carriers will allow you to elect ACV (actual cash value) coverage, but you have to be aware of lender requirements and coverage concerns that come with this type of policy.