this  make sense  if you were planning to  refnance  the  1st mtg anyways  ...otherwise  - I would either keep looking for another 95% heloc  or  make due with a  90% cltv  heloc program 

Talk with your local planning and zoning.  

@JT StanfordTo start buying real estate in Chicago, as a first-time homebuyers you should your budget, look at loan choices, talk to a loan broker, check out places like Woodlawn and Greater Grand Crossing, and choose a property type (duplex, triplex, or multi-unit), look at move-in ready homes, work with a local real estate agent, and plan for the future.

This is a big thorn in our side for the plan.

How many years do I plan on living in this home for?

Hello Everyone, I am located in Killeen, Texas and planning my next investment.

Are there any tax implications or mortgage barriers to building a home under the "second home" plan and then converting it to an investment property shortly after its finished?

Nik, you have not told us what is your plan for the build.

@Brandon BellIf you have a loan officer you are planning on working with, it might be best to consult them first on the best route to go for this scenario.

However, if you plan to do a furnished rental, then I think month-to-month may be more common.