If you have 60k equity and 10k cash, slow down and remember this - you need 15k for reserves for a new property and you should always only use half of your equity which would leave you with 15k for downpayment and 10k cash for renovation.

If you think this is your comp and you did the work without permitting it, the value from the bank will not be the same as the other comp sold because they will ask for permits/city confirmation this was truly added to give the value.

Although I've stressed the importance of reserves, he is comfortable with his system.

Contact the real estate division for confirmation: https://idfpr.illinois.gov/dre.html 

if someone else comes along and wants to put 50% down on a great property, and they have sufficient cash and reserves, great!

Those are significant network effects and technology maturity factors that will make it very difficult for a crypto to supplant bitcoin as essentially the global reserve cryptocurrency.

@Marita Jojo, clearly I don't know this specific deal to confirm or deny any of your assumptions.  

I figure the upside to the rental scenario is, of course, investing in multiple properties, while a downside would be having to most likely get a conventional loan on the second house with 20+% down and proof of sufficient enough financial reserves to handle two mortgages. 

Make sure you've got cash reserves for closing costs (around 2-5% of the purchase price, repairs and maintenance (aim for 1-2% of property value annually), vacancy periods (budget for 3-5 months of expenses), property management (if you're not self-managing), emergency funds for unexpected repairs.When choosing markets, look for those with stable job markets, growing population, and strong rental demand.

I would appreciate anyone who can point me to guidelines that can confirm one of the two information.