Some folks are comfortable paying 10X, but you can find those deals all day long.Now, if it was a highly unique and rare property, I'm not as worried about the multiple. 

However the key is making sure the numbers pencil out so that, at minimum, even in the worst case, you can pay back that heloc because interest on that is going to be very high.

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Hard money loans can be an option, but they often come with high-interest rates and short repayment terms.

@Jennie Berger gave you the whole kit & caboodle on Chicago zoning so I don't have a ton to ad, however, I'd highly encourage you to engage an architect like @Samuel Pavlovcik or @Prashanth Mahakali, both are awesome local Chicago resources.

Hi Elizabeth - I know how tough it can be to manage laundry for a 6BR rental, especially with high-quality linens and tight turnarounds.

A DSCR loan is going to require more down, have high fees at closing, a higher interest rate, a pre-payment penalty, and will require you to have cash reserves that you likely don't have at the moment.

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

Part of this is the quality of the house.

This is mostly because they can't provide the high level of service that Buyers deserve and for now Sellers are still generally paying.