Hey @David Cherkowsky so get with the city and get all the regs but mostly find out about what is required for a basement dwelling.

These loans focus on the property’s income potential rather than your personal income, so they don’t require W2s or pay stubs.

So I get 15-20 leads for each booking on Furnished Finder, which is a PITA because of all the manual follow-up and manual paperwork required vs AirBnB and others with instant booking and streamlined tenant approvals/payments.

Quote from @Michell Chase: I am working with a hard lender on a purchase/reno and they require a builders risk policy even though 1 unit of the 3/4 will have a tenant.  

Construction cost was $240k and the bank only required 10% down.

i have 4 STRs that i use professional PM, 2 of the STRs, after expenses including PM, are not outproducing my LTRs.For optimal ROI in this market requires a value add and quick, at least partial, exit.

Just that now I’m responsible for 3% that prior to the lawsuit I wouldn’t have been required to pay.  

Depending where your rental is in Chicago, you should also be flexible with your requirements.

From there, it requires the ability to conduct underwriting the highest and best use of a planned project, which requires a pro forma built by the user or acquired from a competent 3rd party. 

I could be wrong but I thought I saw that Sacramento requires primary residence for the owner for STR.Do you live in Sacramento or nearby ?