During the re-fi, the property appraised for $220,000, 30 year 4.5% fixed rate mortgage at 85% LTV i was able to pull out $37,000 which is approximately what i cost me out of pocket to purchase.

My criteria is simpleIs it a great deal - not just a decent deal for an investor, not a good deal, a Great dealCan I pull it off?

FYI, dear all; here is a market overview of 33139 (somewhat specific -targeting comps I was pulling for a good deal will be soon selling off market):https://www.dropbox.com/preview/Maggie%20KW/SELLERS%20-%20LISTINGS/800%20WEST%20AVE.%20%23335%3B%20MIAMI%20BEACH%2C%20FL.%2033139/800%20WEST%20AVE.%20%23335%3B%20MIAMI%20BEACH%2C%20FL.%2033139%20-%20NUMBERS/MarketSummary_800%20West%20Ave%20%23%20335%20Miami%20Beach%20FL%2033139.pdf?

Were the plans approved by the city of Chicago when permits were pulled?

It will be so much easier to pull off this strategy when they loosen up the rules.

Before you know it, you'll be testing the paint for lead, the water for arsenic, the air for mold spores, pulling up the subfloor to determine the radon seepage, raking the yard looking for poisonous snakes and camped out with a flashlight and a machete in the yard in the dead of night warding off the threat of a zombie apocalypse while they chat up your other tenants into a class action suit to address your "negligence."

@Summer PooleAs an agent, you can start out by setting the parameters you're looking for on the MLS and it will pull new listings for you daily.However, by the time a property hits the MLS, the great deals are usually gone. 1/2 of all properties bought and sold never hit the MLS but are done by investors working directly with buyers and sellers.

you're just pulling off window trim, and i assume pulling out the old sashes. 

You could rent out your current home, stay in your current home and use a HELOC to pull out your equity and reposition it, or sell your current home and reinvest the money elsewhere.

The city is telling me they can't (won't) go after him unless he pulled a permit.