You need to build your credit.

Plus, if you aren't able to get approved with what you've got now in terms of savings, credit, etc. you can learn on what you need to qualify so you know what to be working towards. 

I'm never in favor of government over stepping, but I can also see how desperate individuals can be taken advantage of during this tragedy. 

Some of our owners have accidentally thought they were handing a situation "right", and because Chicago is a very tenant friendly city, the laws tend to lean in their favor, and it can cost you a lot if you are simply just not up to date on what is proper protocol (for example, what to say, what not to say, what to have in writing, and what not to put in writing, etc)... can be worth the management fees. 

There are thousands of websites out there that are disguised as helping the public find the best of the best but at the end of the day its simply taking your info and selling it to a 3rd party as a lead.If you are trying to buy a home or an investment property and you have good to excellent credit you should always use an FDIC Bank or Credit Union.

Take stock of your current credit score and accounts.

If the property were owner-occupied, would I only receive credit for one rental unit's income, while the non-conforming basement income wouldn't count?

Cost to build is $350K (I am managing it all myself and calling in favors around the city to get low rates on materials and labor).

Use gap funding (credit lines, partners) for the down payment.

What I mean is look for areas that are favorable for investors / landlords.