They got a % of the Gross Profit on the deal.I'm posting a more lengthy analysis of the project on the "Success Stories" section of the forum.  

It's a costly and lengthy process to prove and get grandfathered in if it's not currently legal.

Because the tenant is active duty military it is a lengthy process leading up to the court date due to VA law requiring ample notification time through a Guardian Ad Litum. 

In this market I have seen these not work out simply because the process is so lengthy.

If the zoning needs to be changed, that can be a lengthy process and also difficult.

Some factors to take into account will be the overall condition of the property and current rental income in comparison to market rents (comps).Queens has many SFR with liveable basements so you may be able to find someone willing to househack and keep the current tenants but you'd be working with a very specific buyer pool and this could lead to less interest in the home, a lengthy selling process and a below-market selling price.With regards to giving notice to the tenants, assuming you're going to aim to close when their lease is up in April, I'd mention it 30-60 days before putting the property on the market.

However, depending on how much you pay and how much of your entitlement you use (I wrote a somewhat-lengthy post on a different thread explaining this), you may not be able to use it again on your next residence.  

. - it's a lengthy answer.Check out the city's main site that also links to supplemental content: https://www.chicago.gov/city/e...Also, here's a BP thread with some Chicago architects weighing in: https://www.biggerpockets.com/...

@Eugene Khoruzhenko guest is a legal term and it implies someone who stays at a property temporarily and you will need to define time length. I

Construction-wise I am set, it is just the money putting down for a down payment and rehab.I know this is a lengthy post but I trying to “make it happen.”