I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

I would also weigh if you plan on staying in the home you are in now for a long time or move in the next 5 years.

You're better off opting for an interest-only mortgage, saving on payments, and then refinancing it into something more conventional when interest rates drop—or, if possible, making a plan to pay down the principal.Interest-only loans, which typically last for the first 5 to 10 years of the loan term, offer two key benefits.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.

I've done and been a part of many Chicago zoning changes...they take a very long time and a lot of upfront money...unless you are planning to add multiple units and do a full renovation, the ROI is probably not there.

I plan to put down $50,000 and expect to net about $300 a month from it.Does anyone have other options or advice that I should consider?

She's been stuck with the city process and wanted some advice about how to get her plans approved.

Please feel free to reach out to me and my team if you would like to come up with a game plan and build your buy box. 

I’m 17 and plan on getting my real estate license right after I graduate high school.