Chicago Basement In-Law Unit

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I'd love to get everyone's thoughts on renting out a basement in-law unit in Chicago. I am looking at a two flat on the north side, but the numbers only work if I convert the basement into an in-law rental unit. I know a lot of people in Chicago do this, but my understanding is that it is not technically legal. What are the potential risks? Is this something I should just steer clear of?