Update to my previous post (the update button didn't seem to do anything for me).Their customer support team was able to help me get my account back, even though the email made it seem otherwise.

Those in themselves are great education.Degrees won’t help you much unless you are trying to get a job at a large fund.

If you need to cover utilities, the numbers tighten significantly, making a lower purchase price essential.Let me know if you have any further questions or want to explore these numbers in more detail—I’d be happy to help! 

@Marc Shin, Soundproofing is definitely something worth tackling for a short-term rental—it’ll keep your guests happy and help you avoid complaints.

If you like help structuring this deal differently to give you more leverage, let me know, I've worked with new investors on game plans and seen others start with 90% LTV on their very first deal.

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

Appreciate the help!

My vision is to keep it a while (it’s paid off) and use the cashflow to help with my kids college.  

To help expedite the rental unit approval/inspection, you can also talk with your local housing provider that runs the Sec 8 program what basic items they look for and make sure you have those covered. 

After doing this due diligence, I would confirm with the city first, appreciate the help!