If the legal balance is already at 60% LTV for example, would a seller expect a higher amount than the legal balance possibly?

This means the seller-financed loan becomes secondary to the new mortgage, which satisfies the lender's LTV requirements.How It Works:Lender issues a new 75% LTV loan based on the property value.The seller retains a subordinate lien for the remaining balance until paid off.No additional cash is required from you.”

Some buyers don't want your tenants who may or may not have been screen properly but some buyers like the attraction of having income on day one. 

Keeping it as a rental sounds like a solid option, especially with the low mortgage balance and high rental potential.

Additionally the suburbs have higher taxes compared to Chicago proper.  

As long as you're making payments on time and have proper insurance on the property, banks are happy and don't want to call a loan due. 

Then you can pay down the balance at the refinance closing.

I have zero stress having the systems in place with the proper people in place to manage my day to day operations.

(Loan balance, purchase price, etc etc don’t matter.).

Take ownership of your mistake and learn to do the proper due diligence recommended above😊