This estimator will use local material and contractor pricing to determine what it would cost to rebuild the home. 

Scenario A: Leave family room as is (sitting on piers on top a mound of concrete, area underneath is unusable), finish existing basement and add a bathroom ($30-40K) - rent the basement out for maybe $1300. (300sf) Scenario B: Demo family room, rebuild a two-story 1000sf addition (200K?

Everything is going great so far and I've been looking into doing my next deal.In Chicago, the market can be very expensive and I was considering tearing down my detached garage and rebuilding it with an apartment above the garage.

I don’t financially have the funds yet for a down payment since I am working on rebuilding my business so my next strategy is to take the equity out of my home to use for a down payment but that will roughly be $40k so not nearly enough for the normal 20% down.

@Tereza Dyerova I run into this issue all the time in Chicago due to the high quality of a lot of the construction of the homes and the high cost to re-build them if they were to be a total loss.

This will almost always be too little to rebuild the insured property with like kind and quality.  

This would be a complete rebuild from the subfloor/studs up. 

I have a lot of questions so here goes: 1) Tell you a bit about the Background / History 2) Property Mgmt 3) Rebuild/Rehab 4) Financing 5) Is this a good deal? 

To put things into perspective, I have a 635 credit score (because of some unpaid student loans in the past), am in the process of re-building my credit score, but want to leverage outside capital sooner rather than later..I'd appreciate any help!

I'm debating on getting a qualified GC or hiring subcontractors for each major job, rebuilding floor, roof, ac, plumbing, ect.