-StephenIf you do not have the cash or any equity in the property at all to pull a HELOC or a refinance you can always raise private money, partner with someone, use creative financing to get into a primary residence through owner financing, lease option, subject to.

I had a company ask me for a reference last year before my tenant gave notice and I just asked my tenant to sign something to the effect that they were looking at other property's.Its a win for every one.Turn over is not a bad thing.We have been raising rents and deposits on every turn over for the last 5 years.  

I could raise the rental income, however according to Zillow I would be at the top of the highest rent in the area.

I'm starting my journey to financial freedom from Chicago where I was born and raised.

If its a big worry of yours and If you are thinking about renovating (ie. replacing flooring) this is a perfect time to raise the sunken floor back up to the same height as everything else.   

Are you able to raise the rent if you do more repairs?

There are many other ways to raise capital for deals without risking your home.

I will look into what you brought up, raises a point I didn’t think about - but I’m pretty certain I’d be well in the clear to put a new mortgage on that apartment. 

If I converted the loft into a 4th bd rm and could raise the rent where it would cash flow 100-200/month, would that change the decision?

Every rental is like receiving a raise.