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All Forum Posts by: John Schulz

John Schulz has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: What risks come with renting out an illegal in-law suite?

John SchulzPosted
  • Posts 1
  • Votes 2

Hi all! I'm a beginner in the Chicago area and I'm just learning the ropes around REI before purchasing my first rental property. I've seen a lot of properties that have finished basements that could be rented out for additional cashflow, but these are typically considered "illegal" in-law suites.

Despite being illegal, it seems everyone is renting out these units, and a lot of investments wouldn't make sense without the cashflow provided by these units. What are the risks involved with renting out an illegal unit? How should I account for these risks when evaluating a property?

2 Votes