The process from start to finish would take four months and cost ~200k to build, with comps in the area around 355k-lender man said, refinancing would take six months as most lenders wont refinance a property unless its been built for six months, affecting the strategy to get paid out from refinancing quicker and closing out on construction loan-The property would not appraise at comps value, but at the cost it took to build, affecting getting paid out from the refinance.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

"the typical home warranty costs $450 annually, and only 25% of premiums are paid to homeowners.

Renting out your current home could provide steady income, helping offset the new property's costs. 

It doesn’t cost you anything and gives the tenant time to rearrange their entire life around your decision. 

It’s smart that you’re looking into multifamily options, it can really help offset your living expenses while building long-term wealth.When analyzing deals, some key things to focus on are rental comps, vacancy rates, and property management costs.

There is extra costs, more regulation, and more liability. 

Depending on the fee schedule and activity this can cost significant transaction fees and always includes some red tape and extra processes to go through.

You need the backup option in case the mid-term rental market changes.Minimizing turn costs and downtime is critical.

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.