For now, my immediate goal is to pay off all of my credit card debt (should be accomplished by February 1.), and continue to educate myself on NOI, Cap rate, cash-on -cash return etc.BP community, I am open-minded, willing to take initiative, always willing to be taught something new, but also ready to share any experience or knowledge I have that can help someone else. 

@Ram Go "Initial Debt" may or may not be the same thing as the current loan balance. 

This could also hurt my debt ratios if I go to borrow on another investment somewhere like my plans for the STR.  

Combine that with some government austerity and the debt issue improves.

we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

Refinance into a debt service loan.

Forgive me kind folks here for the many questions, I consider myself a newbie and believe that even if my questions are basic and many, I persevere and try to know from resources and of course great folks like you all here to grow and learn to make the right decisions.

The Heloc can also pose as a debt obstacle since its an open end mortgage a.k.a credit card.a mortgage is also set up over 30 years so it offers a lower rate and payment. 

The challenge we're facing is the lack of short term rental data for the appraiser, and we won't know if it will meet the debt service coverage ratio (DSCR) requirements until the appraisal is complete.Has anyone dealt with a similar situation?

The midwest and specifically Chicago has always been slow and steady - thank you for giving us a shout out @Scott Trench!