Either in reduced property price or to move up in priority to obtain the property.  

He'll need to connect with a commercial lender....happy to refer a couple of great Chicago lenders that will do new construction.I actually personally had the exact same situation where I bought a double lot and used the land value of the extra lot to build a new construction property in Bucktown. 

I've been investing in high end residential properties in Los Angeles (Bel Air, Beverly Hills, Brentwood ect) for about a year now.

For all the property managers out there, how do you typically evaluate your janitorial needs for commercial buildings (what are the most important things that help property managers (price, quality, et.).

For partners or for “pretend land”  you have to pay fair market rent in to the property’s account.

You may also have a fiduciary liability to let a seller know that fair market value of their property, which you are trying to lowball them on.

@Account Closed you haven't shared why you're looking to network.If you're hoping to network with agens & PMCs to have them feed you offmarket properties and other types of "deals", you're just one-of-a-million to them.We get inquires almost every day from OOS investors looking to invest in Detroit.For FREE these investors expect us to:- Drop everything else we're doing and focus on what they want- Spend hours on the phone with them TEACHING them how to invest- Spend hours finding deals for them- At this stage, many NEVER want to make an offer, just want to see better deals or they just disappear- Find lenders for them- and on and on and onSo, right or wrong, it's no wonder many in the industry ignore communications from investors.Recommend you network in person and be respectful of their time.

I am refinancing the property to my LLC.

You can take DIY possession if the property is legally abandoned, which is different from "vacant and in bad shape." 

Congrats on being under contract on your first property, Philip!