If you have your property inspected by a licensed lead inspector and their report determines lead is present you have 2 options (assuming you even want or need to delead).. get certified to handle the lead abatement yourself (not the route I took) or hire a licensed deleading contractor (there are also certified lead remodelers and other classifications of people certified to handle deleading).

One of the properties is a 1 Br/1Ba that needs some improvement, there may be a moisture problem, it has a noticeable bug problem, last year there was a plumbing problem, yea...it needs some work.I am not sure about the classifications nor the current living environment of the other property, but my guess is it's 50/50 on similarity.The owner is offering my friend both properties for $150k with $5k down.

So when you do a lookup on https://gisapps.cityofchicago.org/zoning/ it will show you the current classification.

If your LLC did not make an election, then it is taxed as the default classification.

Such a loan would be classified as a laon on the CD and the lien on the property would then constitute a loan payoff keeping you out of the cash out classification.

My statement was not intended to refer to other possibilities such as a "dealer" classification, etc.

If the property is in an area with a Market Classification 2, 3 or 4, or the appraisal indicates the property is in a declining market: The reason for the increase in values will only be allowed if significant improvements have been made or the borrower purchased the property under a distressed sale or non-arm's length/at-interest transaction and the above requirements have been met to substantiate the amount of value increase for the market.

Land Trusts: http://www.biggerpockets.com/renewsblog/2009/03/11/land-trusts-asset-protection/ Wholesaling: http://www.biggerpockets.com/renewsblog/2009/03/04/wholesale-transactions-avoiding-dealer-classification/

There must have been something there "connecting" the houses at some time in the past which the city used as a basis for the duplex classification.  

Classes are top notch and world class. If