Remember to factor in the costs of dissolving the Association in your decision. 

The closet systems are nice, but remember the more moving parts you have, the more things there are to break and maintain.

It's not difficult to do, but would just be ideal if all the communications (including FPI letters) came from the servicer..

Does this mean that he property value has gone up and can be sold, ideally for 30k more?

He has some small dumpsters that are ideal for the situation you are describing.  

If you have a closet that's all you need and you should definitely close the wall off so it could actually be used as a bedroom.  10'x10' is very common bedroom size in Chicago, although its not ideal it can easily fit a full soze bed with extra room.  

@Jason DiClemente I can't remember exactly  because it was originally posted a while ago, but I want to say it was originally listed for $224K and eventually sold for $214K?

Ideally you want portfolio lending, even though it may not help you on this purchase, the relationship you build will help with future deals.

Ideally, I would recommend that the money that was going to retirement to be saved to build up your emergency fund and for a down payment for a duplex or another property.

Anyone who thinks California or New York real estate never goes down has obviously not been around long enough to remember 2008.