Insurance and LiabilityWhat type of insurance is required for a renovation project in Chicago?

If there was a landlord I could see them demanding a 3rd new one because it’s a state requirement.

The house, built in the early 1900s, was outdated and required major renovations.

Finding off-market deals and putting a fair bit of work into them.Our typical deal today we're doing goes for a purchase price of around $50,000 - 60,000 and will require $20,000 - $30,000 in rehab.These are general averages, of course.Then you're seeing appraisals in the $90,000 - $120,000 range. 

Thats the requirement - to sign the deed restriction. 

See source: https://www.veteransunited.com/valoans/occupancy-requirement... 

If the property requires rehab, the Realtor and/ or Mortgage Broker will suggest applying, for a FHA 203k Loan.

Looking forward to the journey ahead....In my experience, very few properties in Ohio are strictly required to operate as Section 8 rentals.

@Grace Norton adding to what's been written already, you'll want to get a 2-year work history for both.To consistently pay rent, requires consistent income, which requires consistent employment.Pretty simple concept!

@Mindy Jensen I’m a GC and if you’re buying materials we don’t require payment up front.