The latter might not let you do anything and is more likely if they don't like your tenants.I see 3 scenarios:The fence is on your property.

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?

Might be a little bit down the road for me, but that is for sure dream that will come true...One Chicago's best features is the lake, which I'd like more access to.

It sounds like you are just having trouble pulling the trigger. 

@Derek States Have they mentioned what type of development they'd like to see on your site?

I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.

Based upon the screenshots of the software it looks like Investor's Edge software is just a white label of Propstream. 

It feels like 10K in PA is equivalent to 2K in NJ.

It sounds like your question is what is the conventional guideline on using these rents to qualify ?

Most likely, both of us "win."