My in-laws own some land by Sand Hollow reservoir that is technically part of Hurricane and they are not allowed to use the property for a vacation rental because of residential zoning laws. 

But wanted say technically a junior loan (second position) can't wipe out the first position.

Now, there are technicalities to this so here's an explanationWhat is Real Estate Syndication - Really?

@Martin ZagrzejewskiWhile you are technically correct, the additional requirements and considerable risk made it very impracticable to do so. 

Technically there are FHA programs for 5+ units but not the kind you're thinking of.  

After asking questions, I've been told that there's a staffing shortage at the Treasury Division (where the transfer and recordation payment has to be processed before the file gets sent to Land Records for the deed to be recorded) and the backlog on recording deeds is between two weeks and two months, depending on whom you ask.

So I have a three unit with a basement that was previously used as a daycare center, so it is technically refinished.

This starts with educating yourself on values, furthering your knowledge base on the technical side, sharpening your negotiation skills, and working on your belief system.

(Well, technically, to your retirement fund, I guess.)S0- go for it, and best of luck!

In Chicago, the landlord tenant ordinance is very strict, specifically around security deposits and many landlords have lost judgements based on technicalities.