You can't calculate your purchase price until you know what the market cost for what you're trying to do is in hand (even if initially it's a rough verbal estimate).More importantly - go to the City of Champaign Neighborhood Services department today.

I taught Principles of Real Estate in the Department of Economics, Finance and Legal Studies at the University of Alabama College of Commerce and Business Administration for several years as an adjunct professor.

Are they drawn so that the Building Department will accept them?

'Rough patch' part is for neighborhoods that could be a bit iffy.Other than that, all the millennial stuff like whether there are new cafes, the kind of crowd that is hanging out, foot traffic, etc..but then depends also on type of property and neighborhood I am looking at - if it is an industrial-type city, then I'd look at Fire and Police Department numbers - their expenses should be consistent and low over the years indicating less drama.

Check with your building department to determine if it is a in-law or a secondary suite.

It might be as simple as an application, or could be an appeal and then fight with the zoning board, depending on the town and where your property is located in there.Or you could call up the building department and ask them, if you'd rather do that. 

Call the bank/credit union, ask for their commercial lending department, then ask if they offer those loans.

I would also have gone to zoning department in town and confirm that the house is approved as 2 family.

@Meredith FoxThey take time because of several things:1)Sellers Agent and attorney not familiar with the process.2) seller not providing bank information needed to show hardship and reason for the short sale. 3) large national bank and agent/ attorney not having the right department.

A few questions:1) The planning department is unlikely to allow me to split the lot into substandard lots, and so I hope I'm looking at the right option (condo conversion/ "airspace" subdivision).