The way I calculate it is I do not count it but do count some charges for when it is vacant.

That's not counting any renovations you want to do.....that's extra.

Probably the easiest way if you are going to keep the condo is to have a rental agreement with a tenant written up showing that you have at least neutral cash flow, if not positive from the rental income and then have lender who will count that income.

As of December 19, 2017, Fannie Mae now accepts the time that you owned the property in an LLC to count towards the 6-month requirement for cash-out refinancing. 

They told me that I should be able to do the normal 20% down, but since I don't have that amount and was planning to borrow that for a family member I would have to have that money in my account for two months before they could count that?

I wonder if they were saying it costs about 10k for the materials to "print" the exterior walls or something, not counting the labor, overhead and machinery involved to build those walls...Not even counting the foundation, roof, utilities, trim, partition walls, doors, paint, etc. 

I multiplied the room sizes by the number of rooms and I am coming up with a figure of close to 4250 square foot NOT counting bathrooms, hallways, and any other issues that may pop up. 

I have been watching small multifamily inside the 494/694 loop for the last 1.5 years and without an exact count, I would speculate that there have been less than 20 3-4 plexes to hit the MLS in that time. 

Chicago has issues, and if the cash flow is zero to negative, I certainly wouldn't count on appreciation in this area. 

So I was able to get someone to meet the tenant at the property for the keys and to basically do a quick walk through to makes sure there was nothing major going on or left behind.In my state, TN, apparently, if the tenant is present for the final walk through then the landlord has to give the tenant right there on the spot a list of damages that would count against their deposit.