FYI-  for a long term rental, a lender will consider the income right away (75%) if there is a signed lease agreement or an appraiser' estimate STR/MTR Income Must Show Up On Your Tax Returns- Before a lender can recognize that income for underwriting to offset your DTI, they must see it reported on a schedule E on your most recent tax returns. 

They need to recognize the problem cash for keys (for poor behavior) causes and recognize evictions are an expense related to being a LL.   

Your current Lease and payment terms are recognized until [DATE]; however, moving forward, please send all payments, maintenance requests, and correspondence to the address listed at the top of this letter.If you are currently using an automatic draft, cash deposit, or other form of payment to pay for your residency, please contact your financial institution immediately so as to avoid any late fees and/or eviction notices.I have included with this letter a Tenant Update Form for you to fill out.

Many people in other parts of the country times do not recognize this.

By recognizing the potential in a low-cost property and acting quickly, we avoided complications and captured a solid profit.

His advice was solid and it is important to recognize what all it takes to succeed.

Most states would recognize this and help you out.

Does the local municipality recognize the basement as a separate address?

If the court did not send to you a copy of what they filed on the 24th then the court may not even recognize it as valid. 

@Jonathan Klemm thanks for the mention@Ali Farhat Jonathan is correct that you may still have some opportunity depending on the Zoning designation for the lot, and how many existing units are Legally Recognized by the City.You can Check the Zoning Designation here on the Chicago Zoning MapFrom there, you need to check the requirements for your lot based on the Chicago Zoning Ordinance (Note: RS-3 does not mean 3 Units.