I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

You will not be able to get a Conventional (Fannie/Freddie) loan with the LLC holding title.

And are they riskier than a typical conventional loan? 

What are other ways to get this property with out having to owner occupy, FHA, conventional?

Conventional non-owner occupied. 25% down.

Why would you not just do a conventional refinance?

I'm not an loan officer, but I know some banks locally like ORNL Credit Union have offered a 0% down conventional loan product.

Hey @Dalton Foote - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

I’m a broker that has access to conventional, non-QM, and hard money loans.  

I have also seen appraisers recognize that multiple ADUs by rule does not qualify for conventional F/f financing.