It seems duplexes are valued on rent rates for the most part. I

Seems to be there was a bad judgement on the rehab from all parties.

All the confusion comes from the fact that there are so many different parties that have a say, as to what is a "bedroom".

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

While it may not be able to answer technical questions accurately like the number of days for a notice of default, it can educate you on the general steps involved and common pitfalls landlords make.Best of luck!

Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).  

@Michael Beirne Lower priced markets such as Baltimore are very difficult to operate in utilizing entirely 3rd party support.

Once that is ok'd by all parties then loan docs are generated and sent to title.Title sends the title docs to you or you can go to their office and sign. 

All interest rates and payment plans are custom made to work for both parties therefor creating a win win scenario.As far as partnering with the banks goes.

@Polat Caglayan The majority of investors who become involved in the section 8 program do so because they purchase lousy real estate and leasing the units to section 8 tenants is the best option on the table.