You are requesting a variance to be able to have a non-conforming property within a 2-family zone.

now residental owner occ we see that all the time.. and maybe on 1 to 4 conforming loans.. but not commercial loans from a commercial bank.. at least in my limited experience. 

I guess it’s time to get creative...We’d like to buy into equity using commercial lending vs conformative.

The words you need use should be something like a "non conforming legal duplex".

Has anyone had this experience recently and can give me some info on what Chicago (Lakeview) FHA appraisers are requiring for multis with in-law units to pass FHA (for more info, these are not legal non-conforming. one egress for both).thanks!

There are 30 year fixed loans for LLC's that are non conforming (not fannie and freddie/conventional).

Conforming loans are up to $484,350 and anything over that amount is a Jumbo Loan. 

Hi Timothy,We did not have financing issues after acquiring a property via quitclaim deed, however we were getting property significantly discounted to take the additional risk (we did not have previous existing relationship with owner).Some other challenges/potential landmines you should be looking for are:1) 6 month delay between acquiring a property and being able to cash out refi using appraised value versus purchase price (applies if you are getting a conforming loan)2) Not counting on minor renovations to add significant equity3) The appraiser will most likely only consider a sales valuation approach and not consider the income valuation method, so make sure you are projecting your value based on what you can sell it for after your reno.4) Don't wait for a renter.

You attain a variance for non-conforming construction.

The sellers are an older couple that don't want to deal with rentals anymore.Here are more details:Built 1932 DuplexUnit 1: 2 bed 1 bathUnit 2: 2 bed 1 bath 1 non-conforming bed (can't make it, so it stays)Units should rent for about $800 for unit 1, $850 for unit 2, but are currently vacant.Most of the updates/rehab have been done on the inside.