For us in the seller financed note investing world, we are often looking to find value in a deal that fell outside of a traditional banker's lending box. 

I recently looked at an existing STR, but either the seller did not track the expenses or they did not want to provide them. 

The Yale Law Journal article, "Zoned Out: How Zoning Law Undermines Family Law’s Functional Turn," highlights this issue, noting that while family law has evolved to recognize diverse family structures, zoning laws have lagged behind, potentially hindering innovative housing solutions like co-living.Challenges for Co-Living InvestorsFor real estate investors interested in co-living, these restrictive definitions can lead to:Legal Barriers: Difficulty obtaining permits or approvals for co-living spaces due to non-compliance with traditional family definitions in zoning codes.Operational Challenges: Potential fines or legal disputes arising from housing arrangements that don't conform to local zoning definitions of a household.Market Limitations: Reduced ability to meet the growing demand for affordable, shared housing solutions.Advocacy for ReformThe Bloomberg article, "Why Are Zoning Laws Defining What Constitutes a Family?"

House hacking is a great way to get started.

We have one property already as our primary home with a plan to buy another house and rent out this one.

We will be rebuilding the house that burned down. 

I bought my first house 2 years ago for 255k 20% down at 6.375% APR.

If you are just getting started here in Chicago, house hacking is the ideal situation.

I'm trying to get a mortgage, but it's entirely possible that the mortgage might not cover 100% of the price of the house.

Hence spec house.