I may have to get a variance for the existing dwelling unit's parking requirement, but I believe I meet all the SB-9 requirements.

There is also parking per unit and impervious cover that could be an issue.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I think for the 2 other attractions nearby, a lot of people I'm assuming aren't needing lodging for the museum and or park.

The ownership could be changed prior to structuring the parking arrangement, but last-minute changes without time to season the ownership change would significantly increase the risk the transaction could be disallowed as a step transaction under audit.

Parking will likely be your biggest hurdle.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

A couple other neighborhoods I like besides the two you mentioned are Washington Park, Hyde Park, Woodlawn, and South Shore.I think that area will continue to be gentrified because you have the lakefront as well as CTA trains.Is there any reason you are targeting Chicago instead ofdoubling down in Kansas City?

Often these go on lot area that's been converted from parking, but it sorta depends on the property configuration. 

Also look at parking closely because you will have 1 car per student in most cases.