It is is going to calculate the expected price based off what you tell it as well as what Price Labs sees in the local market.I questioned myself moving to price labs after I had been doing this manually for several years.

BTW: did you check local ordinances about boarding room rentals (which this would be)?

For most single-state investors, a local LLC is the practical choice. 

Also, look to attend meetups local to you and connect with other investors!

Hello WynnI am a local Realtor and I have a great lender and title contact for you that can help advise on this situation.

Local Banks & Credit UnionsSmaller banks and credit unions are more flexible than big lenders and might approve you with:✔ A detailed project plan✔ A licensed subcontractor network✔ Proof of rental income history (since you own rentals)4.

Hey Aaron, have you considered a commercial mortgage from a local bank like First National or Bangor Savings Bank? 

Find a good mentor or join local REI groups.

We're also seeking to buy a local (Raleigh / Durham) property management company to expand that business more rapidly.

Structuring the deal properly (like through a land trust) can reduce this risk.Your best bet is to connect with an Illinois investor who has successfully done sub-to deals or find a local real estate attorney who specializes in creative finance.