SBA does not lend directly they only lend through approved banks and for real estate purchases SBA requires the loan to be provided only where the building will be at least 51% occupied by the "business" getting the loan.  

@Oscar Beteta I would tend to agree but there are quite a few commercial banks that will also consider recent sales and the income for evaluating the appraised value.

I worry a bit though that it will be tight, and that I’m banking on appreciation a bit.  

We bought it with conventional financing and immediately transferred it into an LLC we setup with its own business bank account and such.

You don't need to involve the bank (if you do, it will kill the deal) but you do need a purchase and sale agreement with your in-laws & to do the transaction through escrow and use a title report.

I used conventional financing through banks.

My PM has, over the last several months, has stopped depositing the rent money into my bank account, stopped providing monthly statements and generally ignored my emails.Thank you,Jason

If you want to purchase a home in Chicago that is bank owned and has been foreclosed on, how do you go about finding out what bank owns it and how do you purchase it?

The market is saturated with flippers who have driven many poor home owners out of neighborhoods and decades old family homes once they can no longer afford the taxes.Families can't even get in to see a house the day it is listed because there are already multiple cash offers and the banks take them and don't give the families a fair chance.Trying to buy a home for my family in Monroe County, and the price we can afford, but newly listed homes that may need the smallest amount of work … NO chance for us.

You can even use national banks like Wells Fargo.