I’m just concerned of legality of basement unit and like you mentioned permitted status.

I really wanted to convert the residence to a rental property, but everything I have heard about doing so in Cook County has been very concerning.

The owners of 100+ unit complexes are not individuals who will be swayed to sell by a good offer or the need to cut short term losses.

Hi Leah, Why not just work with your current lender to cut the points?

The best way for you to retire your wife is to increase your W2 income and to cut your expenses as much as you reasonably can. 

They cut out all but the best locations and were way more cautious.

I'll save you the details but...Per door cost: $63,300All in Cost: 700kTotal Revenue: 137k(ish) annuallyNOI: 65-73% (in the expenses we included: insurance, taxes, $75/month per door repair expense, management fee 8%, grass cutting, & a misc fund for random crap business license, etc.)Now...

My biggest concern is the basement.

Just looking at Zillow I’m having a hard time making the numbers work between prop taxes, insurance, management on 20% Down vs cash currently earning 5% (albeit that 5% going away soon with rate cuts)  To be completely honest, there's not much right now that will give you decent cashflow without getting into a full rehab.

To whom this may concern, I am an investor looking to buy my second property.