Some factors to take into account will be the overall condition of the property and current rental income in comparison to market rents (comps).Queens has many SFR with liveable basements so you may be able to find someone willing to househack and keep the current tenants but you'd be working with a very specific buyer pool and this could lead to less interest in the home, a lengthy selling process and a below-market selling price.With regards to giving notice to the tenants, assuming you're going to aim to close when their lease is up in April, I'd mention it 30-60 days before putting the property on the market.

However, depending on how much you pay and how much of your entitlement you use (I wrote a somewhat-lengthy post on a different thread explaining this), you may not be able to use it again on your next residence.  

I repaired the roof that was long overdue.

I'm still learning all the lingo:) So, the neighborhood the property is in, is not an "STR" kind of neighborhood.The property is not eligible for a refi (Due to late/overdue payments) for at least 12 months (according to my broker.)

. - it's a lengthy answer.Check out the city's main site that also links to supplemental content: https://www.chicago.gov/city/e...Also, here's a BP thread with some Chicago architects weighing in: https://www.biggerpockets.com/...

@Eugene Khoruzhenko guest is a legal term and it implies someone who stays at a property temporarily and you will need to define time length. I

Construction-wise I am set, it is just the money putting down for a down payment and rehab.I know this is a lengthy post but I trying to “make it happen.”

Hey Local BP'ers,Must warn you, this is a lengthy read but an interesting scenario that could happen to you. 

I just got a notice for a very-overdue "Texas Franchise Tax".

I purchased a non performing note on a vacant property a couple months back and would like to start the rehab during the lengthy foreclosure process - I am under the impression that since I technically do not have possession of the property I am only able to work on the property through a receiver.