I am an Ontario investor but I believe this logic is true or a variation of it in all markets.

Here, your lender would be entitled to his interest (and points if he’s sophisticated enough to require them) and you would keep the remaining profits.Only about 1347 variations on this, but those are the basics of an equity interest and a debt interest in a flip.

The variations of terms, and definitions between what is a Hard Money vs Private Lenders, and why when someone is told to look for "Private Lenders" they seem to be coming against the same issues for qualifying with a Hard Money. 

Depending what you are doing, what you'd like to do, and what you'd need to do, there are plenty of variations of structures and functions ---- kinda like task organizing a task force

Lowe's and Home Depot brands change suppliers all the time and slight variations will make you nuts trying to do touch up. 

@Garfield M.From my understanding of the Chicago Zoning Ordinances; the extra 31 sq.ft. you need would Still require you to pursue a full Zoning Variation; and not an Administrative Adjustment.I took a quick look back at the ordinances; and I assume you are getting your note about "90% of 4,000 sq.ft." from:17-13-1003-A Lot Area. 1.

I have my own, and I'm always interested to hear variations of what I do.

There are other potential variations as well, but it gives you an idea. 

I'm going to delve into the town codes more, but my thoughts is to just do a long term rental all utilities included or do a RUBS variation of 75/25 or 80/20 split.

I've seen 18-month, 24-month, 72-month, and 15-year balloons and the variation seems to come down to what the seller wants/needs out of the deal.If they are a "hair on fire" type of person then they'll likely need the money sooner, though, so put on your empathy goggles and peer into their motives :)