Hello, looking to get into my first house hack in Chicagoland area. I came across a 2-flat with a basement that has been converted into garden unit with 3 bedrooms and kitchen and bath. My realtor found the city build...

@Clare Pitcher we do 12+ month leases to avoid vacancies Nov-Feb.If we take over an occupied property, evict or have tenancy-abandon a property, we first let the owner know finding a tenant will take longer than "normal".This opens up owners to understanding they may need to:1) Offer 3D tour and floor plans to stand out2) Price more aggressively or be prepared for aggressive price reductions3) Offer MoveIn Specials:- NOTE: we do NOT recommend offering a month of free rent that can be used at MoveIn.

Hi @Dave Tab yes for the low money down loans as far as I know you need to be able to show you are occupying the property.   

If so you may have some full doc options which have the best rates typically and terms.Like others have mentioned you have DSCR loans too but this only allows you to purchase non owner occupied properties (not primary residence or second home occupancy type properties).

Total number of people that would occupy the apartment5.)

I'm in Florida (lower cost), and I picked up a duplex a couple years ago as an owner occupied unit.

Single-FamilyThe supposed advantage of multi-family properties is that income from occupied units can mitigate vacant units.

How many lots occupied and what were the lot rents?

Basically, you're saying your intent is not to move in, but with owner-occupant loans for lower downpayments, you will sign a statement certifying your intent is to occupy the property. 

We are actually thinking about moving into the smaller unit. we are thinking if we should rent the main unit for long term rental or STR like airbnb but im afraid with airbnb, the non occupied days we may miss out on cash if its not rented out.