Partial interest only is available at 1.20-1.25x DCR (max leverage), whereas full term IO is available at lower leverage points >=1.35x DCR in most markets.

@Matt Smith the reality is that Chicago is full of "non-conforming" units.

A full interior rehab will be about $40,000.  

Are you full time in real estate?

Rent in full on time every month with little to no turnover/vacancy. 

It will be a single-story ranch with a full semi-finished basement. 9' walls.

If the goal is to become a full-time flipper/contractor, then doing tighter jobs can help build momentum for a business, that will pay dividends well beyond just the specific house, itself.  

As a side note, and maybe others will recommend this as well, obtain your real estate license instead if you are interested in pursuing sales full-time.

Occasionally if they have other assets maybe she can keep the equity of the house and he gets to keep his full 401k or something like that.   

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