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Updated about 6 years ago, 11/07/2018
Owner Occupancy Issue on Rented Out 3 Flat
I'm strongly considering buying my first 3 flat in Chicago and have an issue and not sure how to best approach it. Currently all 3 units are rented out through July of 2019. The one unit I would live in has a 75 day kick out clause. In the ideal world, I would move into the unit April 1st to have an easier time renting my current unit and give myself and my current tenants time to move. But owner occupancy laws state I need to move in within 60 days. First, is it possible and responsible for the current owner to give notice before closing? Second, if I were to ask the tenants after closing and would make it closer to 90 days, is this really a big issue? I know it violates the timing of the owner occupancy clause but I'm intending to move into the unit within a reasonable time. Does anyone have any other solutions? I appreciate the help!