Some of the heavy hitters here in Chicago discussed the ADU program with a very nice person from the building department.

Does anyone have a "program" or formula to use to establish a reasonable list price based on current income and expenses.

In the program, it appears that you offer a Pre-Loan Application-- perhaps this is how the program is legal?

Now, youre under the gun on a refi needed to finance another purchase and the loan you were counting on isnt - and never was - available to you because of an error that wasnt caught due to a lack on internal quality control.

Keep in mind rent control is 1 thing, its a laws for existing tenants but some city's like Newark are so strict that you must get approval for what rent can be even after a tenant moves out and new ones move in. 

By understanding the costs you may encounter upfront, you can take control of the process.Here are just a few things experts say you should be thinking about as you plan ahead.1.

This criteria is for 1-4 and 5-8 unit programs.

Both assets have two ways to make you money:Regular income (rent/dividends)Appreciation (property value/stock price)🛠️ Control FactorNow, here's where real estate often shines - you have more control!

.✅ More Control – You’ll personally handle tenant screening, rent collection, and property upkeep, ensuring everything is done to your standards.✅ Stronger Tenant Relationships – Being involved directly allows you to build rapport with your tenants, which can lead to better communication and longer leases.Cons of Self-Managing❌ Time-Consuming – Dealing with maintenance requests, late-night emergencies, and tenant disputes can quickly become a second job.❌ Legal Risks – Chicago has strict landlord-tenant laws.

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