Quote from @Bear Geiger: At Little Bear CreekProperties, we specialize in developing large tracts of land into individuallots for home builders in the Raleigh, NC area.

Understood @Khalid Al-Amin...where in Chicago are you?

If it is an interest-bearing account, you will be giving the tenant 75% of the interest accumulated. 

You will get plenty of offers but bear in mind you'll need a lot more cash to pay off the mortgage and walk away with dollars at closing.

Anything that involves a load bearing wall will generally need an architect IME, but it can also be required (maybe indirectly) through the jurisdiction's building code/enforcement.Got it, thank you for lending your expertise!

If anything, at least wait a year so you don't pay short-term capital gains on the sale of the property.I need to find some more deals like that here in Chicago...where in Houston was this property?

Look for 4+ units seller finance, in the Chicago area 

I have friends who bought in Texas, Chicago, Minnesota and Tennessee so I've been watching those markets. 

For instance, in places like Austin or Chicago, I’ve noticed similar deals pay off when you have the right property management systems dialed in.

After selling one and using a 1031 exchange to buy a fourplex in Chicago, he reduced his interest burden by 20% while boosting his net incomes by $1,500 per month.