In the past basic zoning pretty much allowed you to rent a house to 2 unrelated people (family/kids obviously don't count as they are related to the adult(s). 

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

@Amy Falson and @Michele Richard I can email you deals that come my way in the Chicago-land area(s).

Quote from @Kevin S.: @V.G JasonYour response is right on the money except the first sentence for which I beg to differ. 

You can also utilize a rate/term refinance option which allows for higher LTV typically and can be designed to include the closing costs, so you don't need to go out of pocket at closing.I'd also highly recommend looking to get your FICO to a 680 as most lenders will adjust terms and rates in intervals of 20's so getting to the 680 mark will help your terms significantly.

Otherwise, you have to tear it all down and build a new home to current codes and elevations. 

But Granite also takes me back to late 90's/early 2000 designs with the brown or black, highly flecked, granite that feels old.  

Quote from @Joe S.: Quote from @Miguelli Fernandez: Hi BP looking to see if anyone has experienced this before…Been working a deal out with my agent (well known on this forum and has great reviews) and trying to close on my first out of state rental property.  

You could go to the CNAREA website and search for members in your area(s) of interest.  

So, tell a story of how you (or a fellow wholesaler) helped a seller out with their challenge(s).