We've owned this property for 15 years and only once had an issue with a tenant who claimed they weren't informed that it was oil and threatened to sue due to the added expense.

The information contained in this post is not to be relied upon.

The information contained in this post is not to be relied upon.

Just be informed before you do.Pros:1.

From what I've read, some electric providers might not charge for the new service upgrade itself, but adding the meters, connecting the upgraded service and adding/updating panels would require an electrician, which would incur costs.If anyone has experience with this type of electrical service upgrade, particularly in Chicago, I would appreciate your advice and any information on costs and the process involved. 

If FNMA, FNMA allows transfer of deed to LLC if mortgage originated after June 1, 2016 and original borrower owns a majority interest in the LLC and any 12 months of owner-occupancy is first met:https://servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-09-09-2020.htm

", if you can be thoughtful and diligent and very skeptical, and wait until things are obviously cheap, you will generally outperform 90% of other investors. equation {Buy low + decades} = RichGet a hold of someone on the phone, about the investment, ask a few questions and get their best contact information.

I wrote the above for informational purposes.

To make an informed decision, run the numbers, investigate HOA rules, start networking, save strategically, and explore suburbs with affordable homes.Good luck!

Many investors do this and don’t see issues, but it’s best to proceed carefully and know there’s some risk.You don’t necessarily have to inform the lender, but it's wise to consult a real estate attorney or CPA to guide the process and minimize risk.