Building new sounds great, but it's usually way more expensive per square foot when you factor in land, materials, labor, and permits.

The cost was $1800 plus the cost of the permits (around $200) for a total of 2k.

I mistypeCurrent loan is 420k and Value is 545k.It's a permitted detached garage that I want to turn into ADU.

I am almost completely through Planning and permitting.

Lack of Permits: Some flippers may skip obtaining the necessary permits to save time and money.

You must check zoning to see if it's permitted in that area.

its very doable, the first to check though is with the city to see any permits or specific requirements.

It's been 10+ years since I've gone through the City of Chicago permit review process, and I'm told things have changed.In particular, I'm told that I need not only an architect that has Chicago experience, but also a specific sustainability certification, otherwise I run the risk of having a very long review process.Thanks in advance for your help!

Feasibility study is done, we have been in contact with architects and GCs and are currently working with the town to iron out all the permits etc.  

It is not "ready" to rent until those renovations are done and you haev a C/O or permit sign offs ect.