Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

Chicago is a lower appreciation market but with the trends we've been seeing with increased rates of hurricanes on the east coast and fires in the west, I do think long-term we will see some migration to the Midwest.

It seems that rent has grown faster than jobs, and its hard to keep up with the rent at rates like $1400 in that area.From looking at crime, that neighborhood was lower than all of Westland, so I am surprised to hear its so bad.

Other than that, it is really a light doc loan with not many strings attached compared to a conventional mortgage.

@JD Martin agree 10,000%What I am surprised about is I had a call with someone in Austin today and in sw Florida and they both said things are awful and prices are dropping at high rates - curious don't hear as much chatter here about that as it could be an opportunity 

Capital gains are calculated as:Sale Price - (Original Purchase Price + Capital Improvements + Selling Costs) - depreciation (if applicable) = Capital GainYour mortgage or HELOC balance does not affect this calculation—it only determines how much cash you take home after the sale.In Massachusetts, if the home was your primary residence for at least 2 out of the last 5 years, you may qualify for the Section 121 Exclusion, allowing you to exclude up to $250,000 (single) or $500,000 (married filing jointly) of the gain from federal capital gains tax.

Obviously, the at least 42 input variables can be adjusted to your own risk tolerance, but this is far easier/quicker than to re-create the entire input.You can find the link on my profile page.

Their fees and interest rates were high, but they had the least restrictive approval terms from what I gathered.

LLCs are ineligible for FHA loans and other government-sponsored mortgage programs

I'm open to properties were cap rate is around 10%+ and Return on Cash is 10%-20%.