Hi Lue, You meet the requirement, you would be what's called a non-occupant co-borrower.

@Kevin S.Great question legacy planning is hard enough with family dynamics, add in illiquid and non divisible property for another layer of fun!  

The non-permitted unit is causing some troubles in getting this deal to move forward. 

Id say its very similar to working with non investor clients aside from a little extra work and baseline knowledge of investing / rehabs. 

I thought about buying a non developed lot in cash, subdividing it, clean it (take out trees and bushes), get permits, and start building 1 property sell it and then build the second one...The problem is that I am afraid of going this route because of messing with sewer, water, electricity...

I do get a lot of “push back” from both real estate and non real estate people on it due to the negative (sometimes earned) connotation that comes with it.If you made it this far congrats.

Is it worth investing in SFRs for a part-time, non-professional investor?

The “worst” appraisals I’ve seen (on a consistent basis) as to over valuation are on non operational health care facilities.  

So, if you’re considering using a 1031 exchange for your Chicago house hack, make sure to consult with an expert early on.

Do you know if they are leaving that type of market or is the carrier non-renewing for another reason?