With a 203k Renovation loan, you can also finance in your payments if you are doing a major rehab. 

excess funds do not get issued until after redemption period. 

3) Parking issues?

The Fannie and Freddie programs handle this issue slightly differently.

I don't anticipate any issues, but you never know.

While they may or may not be professionally managed, Class C properties will have some deferred maintenance issues and need renovations and upgrades.

I was trying to avoid the eviction process just because I know it can be rather lengthy in IL, I figured with the month-to-month I can just cancel it hopefully without any issues.

Thats a great way to profit of $177K in a year but she did know the contractors and the has an eye for those type of quick turn arounds.You will see multifamily 2-4 units a ton of duplex 2 units for under $250K again these are usually not turnkey fully renovated properties but they will pass an appraisal without being subject to any major repairs.

He says that the 2 units on first floor would be considered illegal and that there were never any certificates of occupancy given for these 2 units and that he would issue an ORDER TO VACATE and placarded Unsafe for Human Occupancy in 3 months.

Zoning and Regulations: Even with SB-9, there are some restrictions, especially regarding fire hazard zones or environmental issues.2.