All Forum Posts by: Account Closed

@Frederico Gutierrez I have the same concern on insurance. Build out would probably be $25k-$30k. Unfortunately, increasing the down payment by that amount still doesn't make it cash flow. Pretty much have to receive income from an in-law unit to make it work, but it doesn't seem to be worth the risk.

@Kyle Evans that is exactly my concern.  Even worse, let's say the tenant in the in-law unit starts a fire or gets injured, I'm worried I could be held personally liable.  Yes, I've shopped for legal 2,3 & 4 units, there just isn't much out there that cash flows.  I've only been shopping for a few months though so will just have to keep looking!

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?