Working with the city to find a solution.There is a similar situation near me where an investor bought a short term rental house, rehabbed it, ran it for a while, and then got in trouble with the town after a neighbor complained and the town said short term rentals weren't allowed in the community. 

They are exceedingly rare, thus very expensive, but I believe they represent an excellent long term steady income and store of value.  

@Adeel MakdaI would recommend Forte Properties:https://www.fortepropertieschicago.com/I've known @John Warren for a long time and he is a great manager that specializes in the Chicago suburbs

How long does that take?

Hello, My name is Thomas i'm a real estate investor and agent on Long Island. looking to get access to some off market flips for both myself and several investors that I work with.

Here’s a breakdown of the pros and cons of each approach based on my experience:Tenant Swapping:Pros:Tenant Retention: Keeps the property occupied, which helps avoid vacancy periods.Minimizes Turnover Costs: No need for cleaning, marketing, or re-screening tenants if the new person is already known.Flexibility for Tenants: Can be seen as a more tenant-friendly approach, allowing them to find a replacement without facing penalties.Cons:Risk of Unknown Tenants: The new tenant might not be as reliable as the original one, leading to potential issues down the line.Lease Violations or Delays: If the new tenant doesn’t meet the lease requirements or fails to sign a new agreement, this can lead to complications.Operational Complexity: Keeping track of the lease terms, managing paperwork, and ensuring proper screening for new tenants can increase administrative work.Notice for All (One Notice to Vacate for Everyone):Pros:Clear Expectations: Everyone knows what’s expected, and there are no surprises with last-minute tenant changes.Consistency: Easier to manage leases and tenant turnover with a straightforward system.Quality Control: You can screen all tenants that are moving in, ensuring the new occupant meets your standards.Cons:Longer Vacancy Periods: The property may stay vacant for longer, especially if finding a replacement tenant takes time.Tenant Frustration: Current tenants may not be happy with the requirement to vacate, even if they want to stay.Marketing and Re-screening Costs: You’ll have to go through the process of finding and screening new tenants, potentially leading to increased costs and downtime.I’d love to hear what others are doing!

I understand that completing long distances BRRRRs is a different kind of animal, so I am hoping to glean insight from investors who have successfully gone down this path.

@Konstantinos Lembesis If you search for posts using the city as your search term you will find many discussions that should give you more context than you might gather with a single post.

This situation isn't uncommon and can lead to some tricky legal and emotional challenges.Here’s my 2 cents:Reeview your contract terms.

Compare Loan Terms – Ensure their rates, fees, and terms align with your investment goals by getting multiple quotes from other lenders. 3.