Those reasons are:Owner decides to demolish the property, convert the use to non-residential, or convert to a STRDecide to make substantial repairs or renovations.

Commercial lending doesnt have rules about unsecured funds use (credit cards, personal lines, etc) that residential agency financing has (fannie/freddie 1-4 unit).So where you obtain funds to consummate your equity (down payment) of your transaction is more flexible.Its one of the reasons to build a business that has a good credit rating so you can obtain money to build your real estate holdings. 

There are a good amount of single family/ residential homes in that area.

When you say multifamily are you talking about small(residential 2-4 units) multifamily or larger properties? 

Some commercial mostly residential.

Anyone has a 2024 Chicago Residential Lease template in pdf and be able to share?

If it's more than 6 plants, it's a commercial pursuit which has it's own set of laws that aren't applicable to a SFH zoned residential.

If you're not currently listening to books educating yourself, I'd start today.A few I'd highly recommend...Buy, Rehab, Rent, Refinance, Repeat - The BRRRR Rental Property Investment Strategy Made SimpleFLIP - How to Find, Fix, and Sell Houses for ProfitThe Book on Flipping Houses How to Buy, Rehab, and Resell Residential PropertiesThis book is not currently available on Audible but a must readThe Book on Estimating Rehab Costs - J Scott

Once an area becomes anti STR, it is usually followed by anti STR regulations.  

Because of the location, this is permissible per county regulations, even though the residential neighbors are having a tough time with it.So, we have to move and convert our home into a STR (we cannot sell the property because it is 2 homes and an elderly family member lives in the other home and cannot move).