It is possible to utilize low down payment loans and live in great neighborhoods in Chicago Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Many lenders will not do a DSCR loan unless cash flowing.

Many lenders also impose additional requirements such as owner-occupancy, and/or that one lender make all of the institutional loans in the building.- Valuation: The variety of financing products available as individual tenant in common loans remains limited, and the terms are generally less favorable than either apartment building loans or condominium loans.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I also suspect the vast majority of lenders will take exception to your mom being the 1st position lien (look up strategic default).

I am on the same boat, slab has not even started and need to find a new lender :S Are you in the area or how do you get pictures?

There are limited exemptions such as if you inherited the property where it would be allowed.There are technical means to navigate the 90 day rule but your best bet by far is to talk to the lender and let them know the situation and ask for their direct guidance.  

In addition, they connected me to the preferred lenders who also helped with closing on the property within a short period time.

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

Pm me or call  and we can discuss the details have a few lenders that i can use with this