You won't be bound by strict FHA appraisal standards (which have actually loosened just a bit in our area) since your buyer will be going conventional.  

Doesn't it seem odd that there were no rumors of a drop in real estate prices in 2006 when there was tangible evidence that it was unsustainable.The tech bubble burst in 2000 and many hedge funds that handle retirement accounts and have to invest went into oil futures and of course the mortgage backed securities which were toxic.Money also flowed into real estate and after 9-11 the fed loosened the money supply to keep us spending.The tech industry lost many jobs and yet the values of homes in the tech boom areas went up.Many of the techs who lost jobs found they had accumulated equity in the homes they had bought in the late 90's when real estate was boring.Many tapped that equity and began flipping houses.The easy money and low interest rates also caused an investment dilemma and made saving money and collecting simple interest less interesting.Investing in a second or third home that could be flipped for a profit or held for leverage seemed safe  and way more interesting. 

Banks and brokerages were paid up front for creating loans while being temporarily insulated from the aftermath of failed loans.The expansion of mortgage products that popularized interest-only loans, only-adjustable rate mortgages, interest-only adjustable rate mortgages, even negative -amortizing “option arm” mortgages that allowed borrowers to actually increase their loan balances, rather than paying their mortgages down.Second-lien purchase mortgages that allowed borrowers to escape both mortgage insurance and a down payment.The loosening of credit standards that allowed borrowers with poor credit, few assets, and/or no verified income to buy homes they would not be able to sustain.Public policy and presidential speeches which created a demand for home ownership even among those who would not ordinarily qualify for mortgages.

Ive been told very recently lenders are loosening their standards/requirements on secondary/income properties and finding ways to count more and more of the income.  

Typically the procedure is to unplug the fridge from the wall, remove the ice bin, and then use a screwdriver to loosen (not remove) a couple of Phillips-head screws that go into the wall of the freezer. 

I think it's loosening up again a little so I am checking it out closer.Is ILFLS still the go to Foreclosure data service for Chicagoland or is there another/better option now?

For higher-risk tenants, we inspect up to four times a year for the first year and then loosen the standard if they are doing well.We do not provide fire extinguishers but we certainly make sure the homes have smoke and CO2 detectors.

I have done two "Cash Buyouts" (term they used for HELOC on rental) and some banks are loosening up and allowing it more, even ESL is recently doing it now.

Many areas in the North Side of Chicago could use loosening up of this zoning restriction. 

I heard that there are some proposed zoning changes that will loosen restrictions for ADU (accessory dwelling units).