The tenant hasn’t been the greatest: late payment with not always paying late fees, multiple complaints from the neighbors, changing phone numbers, ect .

Payments stay lower, cashflow better and it'll boost your balance sheet not to mention lower risk when things go awry. 

You would still save more money 9 out of 10 times living with your parents but being able to leverage a low down payment loan will allow you to get a very high ROI on relatively safe investment. 

That being said, anything can happen, but if you run your numbers accordingly, make sure that your contractor is trusted and do all the other stuff you'll be a little more protected than the next person flipping that does not do this type of calculation. 

Depending on why you are evicting the tenant, Illinois has 3 different notice periods: Five Day Notice of Eviction The Five Day notice is only used for non-payment of rent.

Also credit score 680 with no missed payments over the last 2 years and also check their criminal report just to make sure you know who these tenants are, as the eviction process in New York city is very long and expensive. 

Don't trust any Zillow application. 

My client bought a 22 unit building and used this strategy and walked out of closing with a check for $800k to perform the rest of the renovations, paid himself back his already expended rehab costs and his entire down payment.  

If you want to put down a low down payment, you might not cash flow for a few years.And FHA for 3-4 units is almost impossible.

@Connor O'Brien CHA does release payment standards that can be found on their website but those are maximums, not guaranteed.